May 26, 2018

MTECHTIPS:-Gold loses ground but remains near 2-1/2 month peak

MTECHTIPS-Gold prices moved lower on Friday, as the U.S. dollar recovered from the previous session’s shar losses, but the precious metal remained within close distance of a two-and-a-half month peak amid ongoing U.S. political uncertainty and ahead of a key U.S. jobs report. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery were down 0.30% at $1,215.75, not far from Thursday’s two-and-a-half month high of $1,224.20. The April contract ended Thursday’s session 0.92% higher at $1,219.40 an ounce. Futures were likely to find support at $1,197.90, Wednesday’s low and resistance at $1,224.20. The greenback recovered from losses posted after Federal Reserve policymakers said on Wednesday that some market-based measures of inflation were still low. However, the central bank also said that job creations remained solid, inflation had increased and economic confidence was rising. The comments came after the Fed left interest rates unchanged at the end of its two-day policy meeting, in a widely expected move. The U.S. dollar has also been under pressure in recent weeks due to U.S. President Donald Trump’s protectionist policies and immigration bans, spurring ongoing uncertainty in global markets. On Thursday, Trump suggested the possibility of imposing new sanctions on multiple Iranian entities, seeking to increase pressure on Tehran.

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