• Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday as U.S. equities and the U.S. dollar strengthened. The most active gold contract for March delivery fell 0.9 U.S. dollars, or0.07 percent, to settle at 1,235.90 dollars per ounce.
U.S. President Donald Trump told reporters after the market's close on Thursday that he would have a major tax announcement to make in the coming weeks, driving investors away from the precious metal as expectations are for the U.S. president to lower corporate and personal taxes, which analysts believe could increase the value of the U.S. dollar and U.S. equities.
Although Trump's tax announcement is looming, investors believe the Fed may raise rates from 0.75 to 1.00 during the May FOMC meeting at the earliest. According to the CME Group's Fedwatch tool, the current implied probability of a hike from 0.50 to at least 0.75 is at 18 percent at the March meeting and 37 percent for the May meeting.
• Gold futures on the COMEX division of the New York Mercantile Exchange fell on Monday as traders prepared their positions for Federal Reserve Chairwoman Janet Yellen's speech on Tuesday. The most active gold contract for March delivery fell 10.1 U.S. dollars, or 0.82 percent, to settle at 1,225.80 dollars per ounce.
• Traders spent Monday reconfiguring their positions ahead of Janet Yellen's speech on monetary policy testimony before the Senate Banking Committee which will likely give hints on the next rate hike.
• Traders looking to this week for the producer price index report and the aforementioned Janet Yellen speech on Tuesday. The consumer price index, retail sales report, and industrial production report are expected on Wednesday. Housing starts, jobless claims, and Philadelphia Fed business outlook survey will be released on Thursday.
• Silver for March delivery rose 19.2 cents, or 1.08 percent, to close at 17.933 dollars per ounce, on Friday. But Tonight, Silver for March delivery dropped 11.2 cents, or 0.62 percent, to close at 17.821 dollars per ounce.
Reference: Xinhua
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