MTECHTIPS:-Gold Prices Hit 2-Week Low as Dollar Gains

MTECHTIPS:-Gold Prices Hit 2-Week Low as Dollar Gains

MTECHTIPS-Gold prices hit a more-than-two week low on Monday as dollar strength continued to put pressure on the precious metal. On the Comex division of the New York Mercantile Exchange, gold for December delivery lost $2.94, or about 0.2%, to $1.277.56 a troy ounce by 4:16 AM ET (8:16 GMT). That was just off an intraday low of $1,275.58 touched earlier in the session, its lowest level since October 6. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.19% at 93.75 by 4:17 AM ET (8:17 GMT). Gold is sensitive to a stronger dollar as the gains in the greenback made the precious metal more expensive for holders of foreign currency. The dollar has found support as hopes for U.S. tax reforms were boosted last week after the Senate approved a budget measure that will allow Republicans to pursue tax cuts without Democratic support. The greenback ended last week up 0.69%, its fifth weekly increase in six weeks. Investors expect a fiscal boost to push up inflation, which in turn to add pressure on the U.S. Federal Reserve to raise interest rates, known as the “Matriculation” trade

MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips

WWW.MTECHTIPS.COM

07489294118-119