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Gold prices fall on strong dollar


Thursday, 1 March 2018 08:51 WIB

GOLDEMAS Spot EmasEmas berjangka


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Gold prices dipped on Thursday, pulled down as the dollar remained strong following comments from Federal Reserve Chairman Jerome Powell that fanned concerns of faster-than-expected hikes in U.S. interest rates.

Spot gold was 0.2-percent lower at $1,315.36 an ounce at 0106 GMT. Prices have fallen about 1 percent so far this week.

U.S. gold futures were down 0.1 percent at $1,316.7 per ounce.

The dollar index, which measures the greenback against a basket of major currencies, was up 0.1 percent at 90.716. It had earlier touched its highest since Jan. 19 at 90.744.

The U.S. currency, which in February recorded its best monthly performance since November 2016, has been bolstered by Powell's hawkish stance on the U.S. economy that fuelled expectations of interest rates being raised four times this year rather than three.

On Thursday, Powell will deliver more testimony in front of the Senate Banking Committee.

Source: Reuters


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