Gold Drops Near $1220 Ahead Of Durable Goods
Gold futures continued to turn lower Thursday morning as a stronger U.S. dollar hurt most commodities.
Traders will be keeping an eye on a flurry of US economic data in hopes of clarity on whether the Federal Reserve will soon raise interest rates.
A number of Fed officials have indicated that an April rate hike is a possibility.
Gold was down 5 dollars at $1220 an ounce, having eased from a yearly high near $1280.
At 8:30 am ET, the Commerce Department is scheduled to release its durable goods orders report for February. Economists expect a 3 percent month-over-month drop in new orders.
The material has been provided by InstaForex Company - www.instaforex.com
