MTECHTIPS;-Gold Prices Steady After Dollar Rebounds Ahead of FOMC

MTECHTIPS;-Gold Prices Steady After Dollar Rebounds Ahead of FOMC Minutes

MTECHTIPS-Gold prices steadied on Wednesday after the dollar rebounded on strong economic data as traders awaited the release of the Federal Reserve’s December meeting minutes. Gold futures for February delivery on the Comex division of the New York Mercantile Exchange rose by $1.40, or 0.11%, to $1,317.50 a troy ounce. Gold futures turned positive as ongoing geopolitical uncertainty stoked safe-haven demand offsetting a rebound in the dollar which followed economic reports pointing to underlying strength in the economy. The Institute for Supply Management (ISM) index of national factory activity rose to a reading of 59.7 in December from 58.2 in the previous month. That beat economists for forecast for reading of 58.2. A reading above 50 indicates growth in manufacturing, well below 50 indicates contraction. The Commerce Department said construction spending rose 0.8% to a record of $1.257 trillion in November, topping economists forecast for a 0.6% rise. The duo of reports comes ahead of the Federal Reserve’s December meeting minutes which is expected to be carefully parsed for clues on the Fed’s outlook concerning the progress of US the economy and inflation

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