MTECHTIPS:-Gold Prices Fall as Stronger Dollar Weighs

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MTECHTIPS:-Gold Prices Fall as Stronger Dollar Weighs

MTECHTIPS-Gold prices fell on Thursday, pulling away from the two-month highs hit in the previous session as the stronger dollar weighed and fears over escalating tensions in Syria cooled, but remained on investors’ minds. Gold futures for June delivery on the Comex division of the New York Mercantile Exchange were down $9.5 or 0.68% to $1,350.50 a troy ounce by 05:28 AM ET (09:28 AM GMT). The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.28% to 89.47. A stronger dollar makes the dollar-denominated metal more expensive for holders of other currencies. Prices of the precious metal hit a two month high of $1,369.10 on Wednesday, propelled higher by geopolitical tensions. After a Russian diplomat said his country’s forces would shoot down U.S. missiles launched at Syria, U.S. President Donald Trump warned Russia to “get ready” for imminent military action in response to an alleged chemical attack over the weekend. Investors seek out gold as a store of value during times of market turmoil and political tensions. Rising geopolitical tensions pulled focus away from fears over a U.S.-China trade war, which had gripped global financial markets in recent weeks

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