Gold Futures Prices Rally for 2nd Day as Dollar Slides; US Rates in Focus

Gold Futures Prices Rally for 2nd Day as Dollar Slides

Futures prices of gold rose on Thursday registered its highest levels in one week up to the dollar drifted down from its highest in a month hit in the previous session on upbeat US economic indicators boosted the prospects for rate hikes by the Federal Reserve next month.

Gold for April delivery on the Comex Exchange rose $7.55, or about 0.6%, to $1,240.65 a troy ounce.

Spot gold had ticked up 0.2 per cent, to $1,235.01 per ounce.

The dollar index climbed down about 0.45% to 100.63 in the early morning hours of New York, moving away from Wednesday’s high of 101.75, which was its highest level since 12 January.

Until Wednesday, the dollar index has a 10-consecutive session.

Players in the market to absorb another big batch of US economic data mostly upbeat, reinforcing the idea that the Federal Reserve may raising interest rates as early as next month.

The number of persons who have filed for jobless aids in the US last week by 5,000 to 239,000 last week, less than expected, holding close to the lowest level since 1973.

Separate report showed that the Philly Fed index rose to a reading of 43.3 from 23.6 in January. That was the highest since early 1984.

The head of the Federal Reserve Bank of New York William Dudley on Wednesday, the Fed aims to rate hikes over the coming months as long as the economy continued to grow a little above trend and if, as expected, the availability of financial policies boost.

Comments Dudley boosted optimism the central bank warned that the administration would not hamper Donald Trump plans to raise interest rates gradually in the coming months and years.

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