Gold Futures Prices Slumping at 5-Month Lows on Stronger U.S. Dollar

Gold Futures Prices Slumping at 5-Month Lows on Stronger U.S. Dollar

Gold futures prices trading hit at their lowest level in five months on Friday in Asian trading early, as optimism about the reform of the tax reform in the United States to support the demand for the US dollar continued ahead of the release of the US non-farm payrolls is expected later in the day.

Comex gold futures was down $2.00 or about 0.16% at $1,251.10 a troy ounce.

Spot gold was up nearly 0.2 per cent at $1,248.29 an ounce.

MCX Gold futures were trading 0.31 per cent, or Rs 89, down at Rs 28,578.

The dollar strengthened after the US Congress on Thursday passed legislation to temporarily fund the government until Dec. 22, the deadline set on Friday midnight, fueling hopes that a US tax reform will be approved by the end of the year.

Republicans in the US Senate agreed to hold talks with the House of Representatives on a major tax reform bill on Wednesday, suggesting lawmakers may approve a final bill ahead of the Dec. 22 deadline.

The US dollar also strengthened after data showed on Thursday that US jobless claims fell last week for the third week in a row.

The dollar index, which measures the strength of the greenback versus a basket of six major currencies, rose 0.15% to hit 93.89, the highest since November 21.

The number of Americans who applied for unemployment benefits unexpectedly last week, suggesting a rapid tightening of the labor market, which reinforces expectations that the Federal Reserve will raise interest rates next week.

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 support@100mcxtips.com or Call: +91-761-4012307.

MCX Tips Free

Advertisements

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:

WordPress.com Logo

You are commenting using your WordPress.com 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 )

Google+ photo

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

Connecting to %s

Free Crude Oil Tips
Free Trial Crude Trading Tips
Contact & Visit Info
+91-761-4012307
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: