MTECHTIPS:-Gold Prices Remain Lower on Stronger U.S. Dollar

MTECHTIPS:-Gold Prices Remain Lower on Stronger U.S. Dollar

MTECHTIPS-Gold prices remained lower on Wednesday, as the U.S. dollar was still broadly supported by speculation over the next head of the Federal Reserve, shrugging off disappointing U.S. housing sector data. Comex gold futures were down $4.75 or about 0.37% at $1,281.45 a troy ounce by 08:40 a.m. ET (12:40 GMT), their lowest since October 9. The U.S. Commerce Department reported on Wednesday that the number of housing starts and building permits slumped more than expected in September, dampening optimism over the health of the U.S. housing sector. But the greenback remained supported following reports on Monday that U.S. President Donald Trump was favoring Stanford economist John Taylor to replace Federal Reserve Chair Janet Yellen next year. Taylor is seen as more hawkish than current Yellen. Trump is expected to meet with Yellen later in the week as part of his search for a new candidate for her position. Market participants are also keeping an eye on current Fed Governor Jerome Powell and former Fed official Kevin Warsh as potential candidates to succeed Yellen when her term ends in February.
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