MTECHTIPS;- gold to trade sideways
MTECHTIPS-Gold was set for its biggest weekly gain in two months on Friday as a surging euro dragged down the U.S. dollar to its weakest since June 2016, making bullion cheaper for holders of other currencies. Bond yields fell after European Central Bank President Mario Draghi said on Thursday the ECB was in no rush to scale back its asset purchase program. The greenback retreated against a basket of major currencies, with the dollar index hitting a more than one – year low in afternoon dealings. The Fed’s rate – setting committee is due to meet on July 25 and 26. We expect gold prices to trade sideways on the back of profit booking after sharp up move.
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