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Gold Prices Hit 5-Month Lows on Stronger Dollar

CommoditiesDec 07, 2017 08:47AM ET
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Gold prices continue to drop as U.S. dollar strengthens

Investing.com - Gold prices continued to decline and hit a five-month lows on Thursday, as the release of upbeat U.S. jobless claims data and hopes a major tax overhaul will be passed before Christmas lent broad support to the greenback.

Comex gold futures was down $9.90 or about 0.77% at $1,256.20 a troy ounce by 08:45 a.m. ET (12:45 GMT), the lowest since July.

The U.S. dollar was boosted after data on Thursday showed that U.S. jobless claims declined last week for third consecutive week.

The greenback had already strengthened after U.S. Senate Republicans agreed to talks with the House of Representatives on a major tax reform bill on Wednesday, signaling that lawmakers could agree on a final bill ahead of a self-imposed December 22 deadline.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.17% at a two-week high of 93.68.

Investors seemed to put aside potential geopolitcal tensions following President Donald Trump decided to recognize Jerusalem as Israel's capital and to move the U.S. embassy there.

Elsewhere on the Comex, silver futures were down 0.72% at $15.84 a troy ounce.

Gold Prices Hit 5-Month Lows on Stronger Dollar
 

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Hiren Patel
garasondiahiren Dec 07, 2017 2:20PM GMT
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Before US open.......After made a continue down trend and made more than 5month low today in precious metals. expectation of profit booking and korean peninsula reverse the trend today onwards. ..Buy precious metals at current rate and wait below tgts.mm..Buy XAU and XAG at current rate $1252.51-1250 range and $15.770-755 range and keep sl???..and tgt1 $1265+$16.060.and tgt2 $1279+$16.550.mm---tgt in next few hours/next week
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Cameron Sedgemaster
Cameron Sedgemaster Dec 07, 2017 1:56PM GMT
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this is short sighted
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