Gold futures were lower Friday morning, trimming this week’s strong gains as the dollar steadied on comments from President Trump.
“Our country is becoming so economically strong again – and strong in other ways, too, by the way – that the dollar is going to get stronger and stronger. And ultimately, I want to see a strong dollar,” said Trump, in contrast to previous remarks from Treasury Sec Steve Mnuchin.
March gold was down $12 at $1355 an ounce.
Gold rode a weak dollar to yearly highs earlier in the weak, but dovish comments from central bankers outside the U.S. have put a floor under the dollar.
“It’s likely that money is going to remain easy for some time yet” because “economies are still working their way through a lot of underlying stresses,” Bank of Canada Governor Mark Poloz told Bloomberg.
The European Central Bank left its key interest rates and asset purchases unchanged on Thursday. In contrast to expectations, there was hardly any change in the wording of the forward guidance that would scale back stimulus.
The U.S. expanded at a 2.6% annual pace in fourth quarter, data showed this morning. Consumer spending was up sharply, a sign that the economy is doing well.
The material has been provided by InstaForex Company – www.instaforex.com
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