Gold Holds Back, Dollar Index Near Seven Week Top

Bitcoin futures continued to spurt and Gold traders seemed reluctant to add to longs following the recent drop in the metal prices. COMEX Gold is currently trading near its two week low around $ 1325 per ounce, almost flat on the day. MCX Gold futures are currently trading at Rs 31235 per 10 grams, down 0.13% on the day. The Bitcoin futures are up 4.30% at $ 9300 levels, recording a massive 35% jump this month and recovering a sizeable chunk of its losses in first two months of the year. However, the digital currency is way below its all time high peak of $ 20000 mark.

US dollar index also broke above 90 levels as the 10 year bond yields jumped near 3% mark. US economic data also remained strong Strength. US manufacturers are expanding at fastest pace in three years, flash PMI data from IHS Markit showed. The flash IHS Markit US manufacturing PMI climbed to 56.5 this month from 55.5 and touched a three-and-a-half-year high. Readings over 50 indicate expansion. A similar survey of service-oriented businesses also rose to 54.4 from 54. Dollar index is currently trading at 90.80, up marginally on the day and hovering around its seven week high.