Gold falls off seven-week high, dollar inches down

2019-01-09 08:44:38 GMT (
Gold falls off seven-week high, dollar inches down

Gold futures fell in Asian trade off June 15 highs for the third session out of four, even as the dollar index retreated as well, ahead of US data later today and amid ongoing US-China trade talks. 


As of 04:32 GMT, gold futures due in February fell 0.20% to $1,283.30 an ounce off seven-month highs, while the dollar index slipped 0.11% to 95.80. 


Federal Reserve Bank of Chicago President Charles Evans is scheduled to speak about the economy and monetary policy at the Discover Financial Services Company Meeting, in Illinois. 


The Federal Open Market Committee will also release its last meeting minutes, at which policymakers voted to increase interest rates by the fourth time this year by 25 basis points as expected by market. 


US President Donald Trump continued his criticism of the Federal Reserve's approach to tightening monetary policy despite what he consider strong data, while wishing for near-zero rates similar to the ones enjoyed by the last administration. 


In his speech last week, Fed Chair Jerome Powell said that 2018 was a good year for the US economy, with data still affirming upbeat economic momentum, with labor data proving strong today. 


Powell believes inflation is still stable, with the Federal Open Market Committee monitoring performance while ready to change policy according to changes in the economy. 


Powell said the FOMC won't hesitate to change the plans to trim the program of selling government bonds and mortgage-backed securities if needed. 

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