MTECHTIPS;-Gold / Silver / Copper Prices – Weekly Outlook: April 2 – 6

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MTECHTIPS;-Gold / Silver / Copper Prices – Weekly Outlook: April 2 – 6

MTECHTIPS-Gold prices will remain vulnerable to any further gains in the dollar in the coming week after ending the week at more than one-week lows on Thursday, in a holiday-shortened week, as a stronger greenback weighed. Gold futures for April delivery settled at $1,325.00 on the Comex division of the New York Mercantile Exchange late Thursday, to end the week down 1.73%. Many financial markets were closed on Friday for a holiday. The precious metal had rallied at the start of the week, peaking at a five-week high of $1,356.80 on Wednesday before turning sharply lower as safe haven demand was hit by easing trade tensions and hopes for a diplomatic breakthrough with North Korea over its nuclear program. Gold was also pressured lower by the stronger dollar. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was little changed at 89.75 late Thursday but ended the week up 0.88%. Gold is denominated in the U.S. currency and becomes less affordable for holders of other currencies when the dollar rises. The direction of the gold market this week looks likely to be determined by the dollar and by trade war concerns. Traders will be looking ahead to Friday’s U.S. jobs report for indications on the future direction of U.S. monetary policy after the Federal Reserve hiked rates for the first time this year two weeks ago and stuck to its projection for three rate hikes this year

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