Gold prices touch four-week low as dollar holds firm
DSIJ Intelligence / 19 Jun 2017
William Dudley, New York Federal Reserve Bank President is due to take part in a round table conference with local business leaders in Plattsburgh, New York. If Dudley confirms that the Fed will remain hawkish towards interest rate hikes, then gold may remain cautious.
Gold prices edged lower to touch a near four-week low on Monday as the dollar held firm, with the market waiting on comments from a top US Federal Reserve representative following the last week’s soft economic data.
William Dudley, New York Federal Reserve Bank President is due to take part in a round table conference with local business leaders in Plattsburgh, New York. If Dudley confirms that the Fed will remain hawkish towards interest rate hikes, then gold may remain cautious.
US gold futures for August delivery fell by 0.37% to $1,251.7 an ounce. Spot gold fell by 0.1% to USD 1,250.81 per ounce at 1408 hours. It hit a fresh low of USD 1,249.52 during the session, its lowest since 24 May.
Higher interest rates tend to boost the dollar, putting pressure on the gold prices by increasing the opportunity cost of holding non-yielding bullion.
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