MTECHTIPS-Gold/Silver/Copper Prices -Weekly Outlook: April 23-27

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MTECHTIPS;-Gold / Silver / Copper Prices – Weekly Outlook: April 23 – 27

MTECHTIPS– Gold prices will remain susceptible to any further gains in the dollar this week after declines on Friday on the back of a stronger greenback which was boosted by expectations for a more aggressive pace of policy tightening by the Federal Reserve this year. Metals traders will be awaiting an update on the health of the U.S. economy ahead of Friday’s data on first quarter growth, which could help determine the direction of the dollar. Trade and geopolitical developments will also be in focus as possible drivers of safe haven demand for the precious metal amid lingering worries over the   between the U.S. and China. Gold futures for June delivery settled down $11.30 or 0.84% at $1,337.50 on the Comex division of the New York Mercantile Exchange. For the week, prices were down 0.71%, snapping two weeks of gains. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was up 0.49% at 90.08 late Friday, after rising to two-week highs of 90.25 earlier. The index was up 0.65% for the week. A stronger dollar makes gold and other dollar-denominated commodities more expensive for holders of other currencies. Cleveland Fed President Loretta Master said Thursday that steady interest-rate rises are needed this year and next to keep the economy from overheating. Her comments boosted expectations that the Fed will raise rates at a faster pace than markets currently expect this year, a potentially bearish development for gold, which struggles to compete with yield-bearing assets when rates rise. Elsewhere in precious metals trading, silver futures settled down 0.72% at $17.11 a troy ounce, bringing the week’s gains to 2.95%.Platinum futures settled at $929.40, down 1.14% for the day, for a weekly loss of 0.52%. Among base metals, copper for May delivery was slightly higher at $3.137 in late trade for a weekly gain of 2.09%. Ahead of the coming week,  has compiled a list of significant events likely to affect the markets

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