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Gold Prices Hold Onto Gains After Mixed U.S. Data

CommoditiesNov 22, 2017 08:43AM ET
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© Reuters. Gold prices on the upside with eyes on Fed minutes

Investing.com - Gold prices held onto gains on Wednesday, after the release of mixed U.S. economic reports and as traders were still eyeing the minutes of the Federal Reserve's latest policy meeting due later in the day.

Comex gold futures were up $3.82 or about 0.30% at $1,285.53 a troy ounce by 08:35 a.m. ET (12:35 GMT).

The U.S. Department of Labor reported on Wednesday that initial jobless claims fell more than expected to 239,000 last week.

However, on a less positive note, the Commerce Department said the durable goods orders dropped 1.2% last month, disappointing expectations for a 0.3% gain.

Meanwhile, market participants were eyeing the minutes of the Fed's most recent policy meeting, due later Wednesday, as the report could offer clues on the pace of potential interest rate hikes.

In a speech late Tuesday, Fed Chair Janet Yellen said the central bank is "reasonably close" to its goals and should keep gradually raising interest rates to avoid the risk of letting inflation slip below target for too long and of pushing unemployment down too far.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.15% at 93.75.

Gold is sensitive to moves in both U.S. rates and the dollar. A weaker dollar makes gold less expensive for holders of foreign currency, while a rise in U.S. rates lifts the opportunity cost of holding non-yielding assets such as bullion.

Elsewhere on the Comex, silver futures were up 0.27% at $17.01 a troy ounce.

Gold Prices Hold Onto Gains After Mixed U.S. Data
 

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Hiren Patel
garasondiahiren Nov 22, 2017 4:02PM GMT
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Before feds minutes and mixed us data. expectation of profit booking and fed rate hike expectation, precious markets will be crashed. ..according to me, hedge funds at current rate and wait for next 2 sessions...Sell XAU and XAG at current rate $1290-1292 range and $17.151-175 range and keep sl???..and tgt1 $1278+$16.800.and tgt2 $1268+$16.500.mm--tgt in this week
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