Gold Slips on Tuesday As Dollar Remains Supported – Market Cautious
Mar, 13th 10:20
Gold prices fell on Tuesday, as demand for the U.S. dollar remained mildly supported following last week’s upbeat employment data and as traders awaited the release of highly-anticipated U.S. inflation data due later in the day.
Gold futures were little changed at $1,320.0 a troy ounce by 07:10 GMT.
The dollar initially strengthened after the Labor Department reported on Friday that the U.S. economy added 313,000 jobs last month, beating economists’ forecasts of 200,000. It was the largest monthly increase in one-and-a-half years.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.09% at 89.98.
The slowdown in wage growth dampened eased concerns over inflationary pressures and dampened expectations for four rate hikes by the Federal Reserve this year.
On the technical charts, Gold is trading sideways below the 9 day, 20 day, and 50 day moving averages. The RSI is at 44.09 and the MACD is below the signal line. The market is expected to trade in the negative zone.
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