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Gold pulls back from multimonth high as dollar lessens drop

Scorpio

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Gold pulls back from multimonth high as dollar lessens drop

By Rachel Koning Beals
Published: Feb 27, 2017 8:31 a.m. ET



Uncertainty around Trump’s Tuesday address keeps the metal underpinned


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Gold futures pulled back Monday from multimonth highs as the dollar pared its recent weakness.

Short-term consolidation took over after the yellow metal logged its highest finish in more than three-and-half months on Friday and notched a fourth-straight weekly gain.

Gold for April delivery GCJ7, -0.18% fell less than $1, or about 0.1%, to $1,257.20 an ounce. For last week, the metal gained 1.6%. Silver for March SIH7, -0.10% was little changed near $18.36 an ounce. Silver gained 1.7% last week, a ninth week of advances in a row.

Haven demand sent gold to those levels amid growing concerns about geopolitics, while the Federal Reserve’s lack of commitment to lift benchmark interest rates also helped to support higher prices in the precious metals. Monday’s trading was seen as a short-term pullback, with little change to the outlook that sent the metal on its latest tear, said analysts.

The week’s marquee event may be President Trump’s Tuesday address to joint session of Congress, while Fed chief Janet Yellen takes the microphone Friday. See the economy and politics page.

The dollar has softened on indications U.S. President Donald Trump’s tax and other pro-business policy plans would be implemented at a slower-than-expected pace.

But on Monday, the ICE Dollar Index DXY, -0.21% was lower, but pared the voracity of its recent decline, dipping about 0.1% to 101.07.

“Investors are edgy and they want more information what these new phenomenal tax plans are and this is impacting the sentiment. This ambiguity is driving the price of gold higher and we think that the path of least resistance is skewed towards the upside,” said Naeem Aslam, chief market analyst with Think Markets.

“What is very important is the upcoming Fed Beige book data and different speeches from the Fed,” Aslam said. “The difference in their views will drive the dollar, which will bring higher volatility for the gold price.”

In other metals, copper HGH7, -0.07% for May delivery, changed hands little moved at $2.68 a pound. Platinum PLJ7, +0.69% for April delivery rose $4.80, or 1.5%, to $1,033.50 an ounce. Palladium PAH7, +0.39% for June delivery rose $1.35, or 0.2% to $773.00 an ounce.

As for related ETFs, the exchange-traded fund SPDR Gold Trust GLD, +0.64% fell 0.1% premarket. The iShares Silver ETF SLV, +0.93% added 0.1%, while the VanEck Vectors Gold Miners GDX, -0.25% fell 0.3%.

http://www.marketwatch.com/story/go...imonth-high-as-dollar-lessens-drop-2017-02-27
 

anywoundedduck

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Hmmm...Wishful thinking on someone's part.
Gold up $2 as we speak