Gold prices slipped on Friday and were headed for their sharpest weekly drop in 2.5 months as the dollar strengthened during the week.
Spot gold was down 0.2 percent at USD 1,328.90 an ounce as of 0338 GMT, heading for the fifth session of fall in six. It has shed 1.4 percent so far this week, its biggest since the week ended December 8, 2017.
US gold futures were down 0.1 percent at USD 1,331.2 per ounce.
"We remain somewhat cautious on gold over the short-term given that we think the dollar rally is still not over, especially in the light of US Treasury yields remaining elevated," said INTL FCStone analyst Edward Meir.
Meanwhile, Asian shares rebounded on Friday as comments from a Federal Reserve official eased worries that the central bank might raise rates more aggressively this year.
St Louis Fed President James Bullard tried to tamp down expectations of four rate hikes in 2018, instead of the widely anticipated three increases, saying on Thursday policymakers need to be careful not to increase rates too quickly because that could slow the economy.
For FREE Trading Trials – (+91) 9644405056
Or mail us here: info@ripplesadvisory.com
Visit us: Nifty Future Trading Tips
✆ - 0731-2427007 | Customer Care Services
No comments:
Post a Comment