MTECHTIPS;-Gold prices to trade sideways

MTECHTIPS;-Gold prices to trade sideways

MTECHTIPS-Gold eased but hovered above the previous session’s two – month low on Thursday as weaker – than – expected private sector payrolls data fed into a more cautious view on the pace of U.S. interest rate hikes this year and Treasury yields firmed. The metal remained hemmed into a narrow range ahead of key U.S. non – farm payrolls data on Friday. Investors were wary of betting that the Federal Reserve will hold off on further monetary policy tightening after hiking interest rates earlier this year. The pace of growth in the U.S. economy’s service sector accelerated in June, as stronger demand offset slower employment gains, according to the Institute for Supply Management. Stocks around the world fell and the euro gained against the U.S. dollar after minutes from the European Central Bank’s latest meeting showed it could be open to scrapping its bond – buying pledge.We expect gold prices to trade sideways on the back of short covering after drop in prices

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