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Gold Stabilizes, Bound for Weekly Gains

July 13, 2017
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Gold was almost unchanged in early Friday trading after ending three days of gains in the preceding session and was slated for its first weekly increase in three weeks as the dollar and U.S. stocks steadied.

Spot gold edged down 0.1 percent to $1,215.67 per ounce, but has gained 0.3 percent so far this week. Meanwhile, U.S. gold futures for delivery next month slid 0.2 percent to $1,214.80 per ounce.

During a testimony before a Senate panel on Thursday, Janet Yellen said that it would be quite hard for the U.S. to hit a growth target of 3 percent that was set by U.S. President Donald Trump.

Global stocks notched record highs, with Asian equities rallying for the fifth session in a row, as indications that the Fed will follow through with a gradual rate hike path and bets of a solid earnings season bolstered investors’ risk appetite.

The dollar was steady against its peers while Treasury yields climbed.

The material has been provided by InstaForex Company – www.instaforex.com

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