-
Authoradmin
-
Comments0 Comments
-
Category
Gold prices eased on Wednesday, pulling back from the previous days three month highs as the firmer dollar weighed.
Comex gold futures were trading at $1,315.70 a troy ounce by 04:36 AM ET (09:36 AM GMT). Prices rose as high as $1,322.90 on Tuesday, the strongest level since September 18, propelled higher by the weaker dollar.
Recent weakness in the dollar has supported gold prices by making the dollar-denominated metal cheaper for holders of other currencies.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.11% to 91.66, pulling up from Tuesday’s three-and-a-half month lows of 91.47.
The index ended 2017 down 9.8%, the biggest annual percentage decline since 2003.
The dollar weakened as the global economy gained momentum, fueling expectations for tighter monetary policy in other countries, which would lessen the divergence between the Federal Reserve and other central banks.
Market watchers were looking ahead to the minutes of the Fed’s December meeting, where its raised interest rates, which were due to be released later on Wednesday. Two policymakers voted against the rate hike amid doubts inflation would accelerate as hoped.
Investors were also looking ahead to Friday’s U.S. job figures for December.
Elsewhere in metals trading, silver was down 0.44% at $17.13 a troy ounce, platinumadded 0.17% to trade at $949.40 a troy ounce and palladium was down 0.63% to $1,080.55 a troy ounce.
Palladium posted the strongest increase among precious metals in 2017, advancing 57% amid concerns over the supply outlook.
Copper was down 0.73% to $3.254 a pound. Copper prices added 31% for the year in 2017 as prices of the industrial metal were boosted by robust demand from China, the world’s largest base metals consumer, as well as a favorable global economic outlook and supply disruptions around the world.
Leave A Comment Cancel reply
Recent Comments
- Starlight Herot on Euro Higher on German Data, Sterling Edges Lower
- Frost Dragont on Euro Higher on German Data, Sterling Edges Lower
- Gwinnettt on Euro Higher on German Data, Sterling Edges Lower
- Vanessat on Euro Higher on German Data, Sterling Edges Lower
- Christinet on Euro Higher on German Data, Sterling Edges Lower
Archives
- November 2024
- October 2024
- February 2024
- July 2023
- July 2021
- May 2021
- March 2021
- February 2021
- September 2020
- May 2020
- February 2020
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017