Gold Prices off as Prospects for US Rate Hikes Weigh on Dollar

Gold Prices off as Prospects for US Rate Hikes Weigh on Dollar

Gold futures rose on Monday to the strongest level in nearly two weeks as the US dollar fell to its lowest level in several months as the prospect of a rate hike in the United States this year dwindled after more soft US economic data last week.

Comex gold futures were at $1,233.82 a troy ounce, up $6.30, or around 0.5%. It touched its highest since July 3 at $1,234.76 earlier.

Spot gold had risen 0.2 per cent to $1,230.43 per ounce.

Prices rose 1.5% last week as cautious comments from Federal Reserve Chairman Janet Yellin, along with soft inflation data, saw investors soften their outlook for tougher monetary policy in the US in the coming months.

Futures traders prices in less than 40% chance of a rate hike by the Fed at the end of the year, according to the monitoring tool, down from about 50% in the previous week.

Investor risk sentiment picked up additional momentum after Chinese economic data easily outperform forecasts, with second-quarter gross domestic product rising 6.9 percent from a year earlier.

The dollar index, which measures the strength of the dollar against a basket of six major currencies, fell to a 10-month low of 94.86 in overnight trade. Most recently at 95.00 in early US trade.

At the same time, US Treasury 10-year Treasury yields fell to about 2.31%, while the highest levels of remains remained close to 2.39%, which was discussed earlier this month.

Economic reports will remain important next week as market players seek to measure the strength of the world’s largest economy and how this will affect the Fed’s monetary policy outlook.

For Commodity Market TradingMCX Live Trade CallsGold-Silver Market Prices and trading market latest news & updates  with 100McxTips, follow us on Twitter @100mcxtips and Like on Facebook.  And to contact the reporter on this story email at or Call: +91-761-4012307.

MCX Tips Free


MCX Commodity Tips is an experienced Commodity Research Advisory to predict investors buying and trading trends at various market environments. For free trial advisory on commodity Gold, Silver, Crude, Copper and all Indian Commodities kindly visit us and submit an query form at commodity free trial tips here.

Posted in Commodity, MCX, Stocks Market

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

Free Crude Oil Tips
Free Trial Crude Trading Tips
Contact & Visit Info
M-Sat : 10am - 7pm

Error: Twitter did not respond. Please wait a few minutes and refresh this page.

NG Trading Tips
Free Trial Commodity Tips
Disclaimer: 100McxTIps would like to remind you that the data contained in this website is not necessarily real-time nor accurate. Bulloin Futures prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore 100McxTips doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
%d bloggers like this: