• MTS Gold Evening News 20170310

    10 Mar 2017 | Gold News


• Gold fell below the key level of $1,200 an ounce on Friday and was on track for its worst week in four months, pressured by a stronger dollar ahead of the closely-watched U.S. non-farm payrolls report due later in the day.
Spot gold <XAU=> was down 0.2 percent at $1,197.90 per ounce at 0410 GMT, after touching $1,197.02 earlier in the session, its weakest since Jan. 31.
• The yellow metal has shed about 3 percent so far this week in what could be its biggest percentage decline since the week ended Nov. 11, 2016.
• The dollar firmed to six-week highs against the yen as investors awaited U.S. jobs data that is likely to reinforce expectations of a Federal Reserve rate hike next week.
The dollar index <.DXY> was up 0.1 percent at 101.89.
• The Fed will raise interest rates next week in response to a series of strong economic data, according to all of more than 100 economists polled by Reuters, with two more hikes likely to follow later this year.
• "Gold will be under pressure going into the FOMC meeting and hover around the $1,185 - $1,190 level," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.
• Spot gold may break a support at $1,198 per ounce and fall into a zone of $1,187-$1,193, according to Reuters technical analyst Wang Tao.
• In other precious metals, silver was down 0.3 percent at $16.89 per ounce, after hitting its lowest since Jan. 27 at $16.83.


Reference: Reuters
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