NEW YORK (Scrap Register): Precious metals have ticked higher as strength in the U.S. dollar index abates, said TD Securities.
The spot dollar index was down 0.099 point to 96.836. “Gold and silver prices continue to firm as the DXY [dollar index] weakens after having failed to sustainably make a new high above the 97.7 mark,” TDS added.
“We continue to expect the yellow metal’s prices to firm over the coming months as macroeconomic data deteriorates, and as the metal should continue to have an asymmetric reaction to the upside on any data disappointments,” TDS noted.
“And, we think CTAs [Commodity Trading Advisers] could add to upside flow in gold should prices break above the $1320/oz range,” TDS added.