Gold price settled lower

images

The price of gold for February delivery settled lower today, down 0.28%, at $1139.60, largely on news of the retreating dollar.

The commodity rose $3.80, or 0.3%, to $1,141.30 an ounce this morning, regaining some of the lustre it lost last week. Gold shed about 1.8% for the week ending December 16, and the gold futures contract’s lowest settlement point last week was $1,129.80.

The dollar index, which rocketed to a 14-year-high last week, traded up less than 0.1%, on morning trading.

Gold hit that February price low as the first U.S. interest-rate hike in a year was announced last week by the Fed. That was accompanied by signals for a more hawkish Federal Reserve in 2017. That sent the greenback surging and weighed heavily on precious metals that are pegged to the dollar.

Fed Chairwoman Janet Yellen, as scheduled at 1:30 p.m. Eastern Time, gave a speech today at the University of Baltimore on “The State of the Labor Market.”

The remarks, a copy of which was provided to Investing.com, indicated that she sees the labor market as now experiencing the best hiring period in 10 years, and she added that she anticipates that wages will rise in the coming years for new graduates. Yellen was speaking to new college graduates.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s