Monday, 20 March 2017

Gold Holds Firm As Fed Rate Hike Guidance Weighs On Dollar

Gold prices edged up on Monday as the dollar stayed on the defensive, finding support from the U.S. Federal Reserve's conservative guidance on the path of rate hikes this year.

FUNDAMENTALS

* Spot gold was up 0.2% to $1,231.05 per ounce by 0100 GMT.


* U.S. gold futures were mostly unchanged at $1,230.80.

* The dollar index, which measures the greenback against a basket of currencies, was down 0.1% to 100.230.

* Markets were bracing for a packed week of Fed messaging with no less than nine different policy makers set to speak, including Chair Janet Yellen on Thursday.

* Financial leaders of the world's biggest economies dropped a pledge to keep global trade free and open, acquiescing to an increasingly protectionist United States after a two-day meeting failed to yield a compromise.

* Gold premiums rose in China this week as traders said supply of the precious metal was limited due to tightening import restrictions to stem currency outflows.

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Riyanshi

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