• MTS Gold Morning News 20180221

    21 Feb 2018 | Gold News
• Gold prices fell further on Wednesday and hit a one-week low as the dollar steadied after a recovery from last week's three-year low, while investors awaited the minutes of the U.S. Federal Reserve's last policy meeting for clues on the pace of interest rate hikes this year.

Spot gold had slipped by 0.2 percent to $1,326.37 an ounce by 0353 GMT and was down for a fourth straight session. Earlier in the day, prices touched the lowest since Feb. 14 at $1,325.31 an ounce.

U.S. gold futures were down 0.2 percent at $1,328.5 per ounce.

• The dollar index, which measures the greenback against a basket of currencies, was up 0.1 percent at 89.828, after hitting a one-week high of 89.857. It hit a three-year low of 88.253 on Feb. 16.

• "Gold is tracking the movement in dollar... The absence of Chinese buyers from the market is further pressurising the yellow metal's prices," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.

Investors are looking forward to the minutes of the Fed's Jan. 30-31 policy meeting for any signs of a hawkish tone.

• "A quicker and steeper slope of interest rate normalization offers the most prominent near-term threat to gold prices as this outcome will send the U.S. dollar surging," said Stephen Innes, APAC trading head at OANDA.

• Spot gold may drop to $1,316 per ounce as it has broken a support at $1,335, according to Reuters technical analyst Wang Tao.

• Treasury yields rose overnight with the benchmark 10-year yield crawling back to near a four-year peak as investors made room for this week's $258 billion deluge of new government debt.

• Among other precious metals, silver slipped 0.4 percent to $16.39 an ounce, palladium declined 0.2 percent to $1,031.50, and platinum dipped 0.3 percent to $996.90.


Reference: Reuters

Related
MTS Gold Co., Ltd.
40,42,44, Sapsin Road, Wang Burapha Phirom Sub-district, Pranakorn District, Bangkok, 10200
Tel. 0 2770 7777 Fax. 0 2623 9366 E-mail: support@mtsgoldgroup.com