MTECHTIPS;- Gold Prices Up As Dollar Retreats

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MTECHTIPS;- Gold Prices Up As Dollar Retreats

MTECHTIPS-Gold prices rose on Thursday morning as the dollar retreated across the board in Asia despite the rising 10-year U.S. treasury yields. Gold futures for June delivery on the Comex division of the New York Mercantile Exchange was up $2.20, or 0.17%, to $1,325.00 a troy ounce by at 12:29 PM ET (03:29 GMT). The U.S. dollar index that tracks the greenback against a basket of six major currencies last stood at 90.96, down 0.08% fro the day. The United States 10-Year continued to rise on Wednesday, shoring up the greenback. The yield was driven up to a new four-year high of 3.033% on Wednesday since early 2014, shoring up the dollar this week. However, the dollar started to lose its momentum on Thursday morning. Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal. Meanwhile, South Korea’s President Moon Jae-in is set to meet his North Korean counterpart Kim Jon-un on Friday, catching the world’s attention on how geopolitical relations would go in East Asia and how it may pave way for the much anticipated U.S.-North Korean summit

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