MTECHTIPS;-Gold gains in Asia as Fed views change, weak dollar supports


MTECHTIPS;-Gold gains in Asia as Fed views change, weak dollar supports

MTECHTIPS-Gold prices rose in Asia on Thursday with a weaker dollar and revised views on the Fed hiking rates for a third time this year offered support. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange rose 0.67% to $1,254.18 a troy ounce. Overnight, gold prices traded above break even on Wednesday, as the dollar faded despite data showing that U.S. existing home sales unexpectedly rose in May while growing expectations for a rate hike later this year limited upside in the precious metal. The dollar failed to capitalize on upbeat housing data, as the National Association of Realtors said strong demand and inexpensive mortgages were driving up prices at an unsustainable rate, as sales of existing homes rose 1.1% in May to an annual rate of 5.62 million. Analysts had forecast U.S. existing home sales to decline by 0.5%. On Tuesday, Boston Fed President Eric Greengrocer said low interest rates do pose financial stability concerns that central bankers and the private sector must take seriously while Bill Dudley, head of the New York Federal Reserve, a day earlier, downplayed the recent slowdown in inflation, warning that halting rate increases at this point would be dangerous.

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