Gold Futures Prices Firm as Dollar Retreats from 14-Year High, Markets Wait for Yellen

gold-futures-prices-firm-as-dollar-retreats-from-14-year-high
US gold futures prices higher on Thursday, which showed a rise in the dollar signs of fatigue after the currency hit its highest level in nearly 14 years versus a basket of currencies, a day before the markets testimony expected from Federal Reserve Chairman Janet Yellen later in the day.

Gold for December delivery on the Comex tacked on $3.10, or 0.25%, to $1,227.00 a troy ounce.

Spot gold was up 0.1 per cent at $1,226.26 an ounce, after dropping 0.25 per cent in the previous session.

It is scheduled to testify on the economic outlook before the Joint Economic Congress on Thursday at 10:00 am Eastern time (15: 00GMT) from Federal Reserve Chairman Janet Yellen.

The comments will be monitored closely for any new idea on politics. The Fed left interest rates on hold earlier of this month, in a decision expected extensively, but indicated that it may raise in December with the economy gathers pace and inflation picks up.

Besides Yellin, there are important statements on Thursday. CPI, housing construction, and wipe the Philly Fed and weekly unemployment claims are due at 08:30 ET for (13: 30GMT).

Investors currently estimated chance 86% for a rate hike at the Fed’s December 13 to 14 meeting, according to Investing.com’s price.

Dollar index which tracks the US currency versus a basket of major currencies, fell 0.13 percent to 100.280, as in the United States, moderate inflation data pushed the flattening of the yield curve on US Treasury bonds.

Index rose to 100.57 on Wednesday, which was the highest level since April 2003, after weeklong rally driven by the increase that followed the elections in the US bond yields bet dealers need to President-elect Donald Trump management to adopt inflationary policy.

Gold prices on the Multi Commodity Exchange (MCX) slipped by Rs 80, or 0.30 per cent, to Rs 29,310 per 10 gm on account of muted demand for jewellery and from investors as well as weak global cues.

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