Trade protectionism worry drags on stocks, dollar at six-week low

Upcoming Rate Hikes Could Impact Gold

Gold and Silver closed higher in futures market on Friday, but still remained close to two-week highs thanks to a weaker USA dollar and the Federal Reserve's dovish stance at its latest policy meeting.

Chicago Federal Reserve President, Charles Evans, reinforced the perception and said that the USA central bank won't accelerate the pace of its interest rate, which has dampened the dollar and resulted in investors shifting to other emerging currencies, including the ringgit.

Wall Street shares drifted lower on Monday as investors anxious that President Donald Trump's plan to cut taxes and boost the economy could take longer than earlier expected.

After having passed the gold price per ounce, Bitcoin was being touted as the next go-to hedge asset by some online currency bulls as gold has suffered since the election of U.S. President Donald Trump, and the U.S. economy has appeared strong.

White House defends Trump wiretap claim despite Federal Bureau of Investigation finding 'no information'
Trump's preferred course by far is the one closest to his Florida home: Trump International Golf Club. And before he ran for president, Trump would tweet about Obama's golfing.

Although Trump promised in early February to deliver a "phenomenal" tax plan within a few weeks, no such details have been released yet, with many investors now waiting for detailed budget plan expected in mid-May.

The market is also awaiting speeches by US Fed officials this week for their projections on the future movement of the dollar.

Coming up on the global data schedule we have United Kingdom inflation numbers, Canadian retail sales and the USA trade balance. It last stood at 2.479 percent.

The greenback has been on the retreat since the Fed on Wednesday raised interest rates but stopped short of predicting a sharper pace of monetary policy tightening over the next two years.

Both Parties Prepare for Gorsuch Hearing Battle
President Donald Trump announced his nomination of Tenth Circuit Judge Neil Gorsuch at a prime-time news conference on January 31. Blumenthal says he has some tough questions for Gorsuch, and that there is a very high bar for this Supreme Court nominee.

These adjustable rates, he says, could rise as much as ¾ percent, which would increase the same metric as mentioned above (the monthly payment on a $200,000 mortgage) by as much as $84.

The ringgit, meanwhile, was traded lower against other major currencies. This comment did little to effect the euro and the French election is still on the investors' radar. As I gain more confidence in the outlook I could support three total this year.

Gold was put under pressure as the U.S. Dollar Index rose by 0.02 percent to 100.34 as of 1710 GMT.

"I think markets are focused on comments made by FOMC members to get a better idea of the path forward for policy and how that will translate for the dollar", said Sireen Harajli, FX strategist at Mizuho in NY.

Syrian reports claim Israeli aircraft struck vehicle near border, killing driver
That conflict included rocket strikes inside Israel and an Israeli air and ground offensive in Lebanon. A subsequent Israeli airstrike destroyed a vehicle carrying four militants, Lerner said.

The South African rand has gained 4.0 percent since then to a near 1-1/2-year high while the Brazilian real rose 3.2 percent.

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