MTECHTIPS;-Gold slips to fresh multi-week lows after Dudley’s comments

MTECHTIPS;-Gold slips to fresh multi-week lows after Dudley’s comments

MTECHTIPS-Gold prices fell to the lowest level in around four weeks in North American trade on Monday, after Federal Reserve Bank of New York President William Dudley gave an upbeat assessment of the economy and warned against the central bank taking a pausein the tightening cycle. Comex gold futures were at $1,251.20 a troy ounce by 9:05 AM ET (1305 GMT), down $5.30, or around 0.4%. Prices fell to $1,249.80 earlier in the session, a level not seen since May 24. Gold prices lost $13.20, or roughly 1.2%, last week, the second weekly decline in a row, after the Fed raised interest rates and kept the door open for another hike in 2017. Also on the Comex, silver futures were down 7.5 cents, or around 0.5%, to $16.59 a troy ounce, after hitting its lowest since May 19 at $16.56. In a business round table held in Pittsburgh, New York, Dudley said U.S. inflation is a bit low but should rise alongside wages as the labor market continues to improve, allowing the Fed to continue gradually tightening U.S. monetary policy. The remarks echoed similar comments made by Fed Chair Janet Yellen in last week’s press conference after the central bank hiked rates for the second time this year. Later in the global day, Chicago Fed President Charles Evans will speak about current economic conditions and monetary policy at an event in New York City

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