November 21, 2017

MTECHTIPS:-Gold up strongly in U.S. trade with political risk noted

MTECHTIPS- Gold made strong gains on Tuesday on political risk as U.S. trade policies came into focus anew and investors were cautious ahead of the latest Fed views on rates due this week. Gold futures for April delivery on the Comex division of the New York Mercantile Exchange jumped 1.40% to $1,212.75 a troy ounce. Also on the Comex, silver futures for March delivery surged 2.45% to $17.572 a troy ounce and copper futures soared 2.67% to $2.726 even with markets in China, the world’s top importer of the industrial metal, closed through Thursday to mark the Lunar New Year. Earlier, gold prices were sharply higher in North American morning trade on Tuesday, extending overnight gains as the dollar sank amid uncertainty over President Donald Trump’s policies as the president dismissed acting U.S. Attorney General Sally Yates late Monday after she ordered Justice Department lawyers not to enforce the travel restrictions. Meanwhile, the dollar sank back toward and eight-week low against a basket of major currencies after Peter Navarro, Trump’s top trade adviser, accused Germany of currency exploitation. he U.S. dollar index fell 0.82% to 99.60. Traders were now looking ahead to the Federal Reserve’s two-day meeting on monetary policy starting on Tuesday for further clues on the timing of the next U.S. interest rate hike. CB consumer confidence fell more than expected in January to 111.8, lower than the expected 113.0

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