Gold Futures Dips to 4-Week Low with December Fed Rate Hike in Focus

 

Gold Futures Dips to 4-Week Low with December Fed Rate Hike in Focus

Gold futures fell to its lowest level in 4-weeks on Monday, as investors continued to cut holdings of the precious metal on expectations of tighter U.S. monetary policy this year.

Gold for December delivery on the Comex shed $3.30, or 0.29%, to trade at $1,138.10 a troy ounce.

Spot gold had eased 0.2 per cent to $1,139.93 an ounce, after earlier dropping to $1,134.60 – its lowest since October 5.

The technical cadre for gold has worsened, with traders warn of further price falls. Physical demand and investment flows have not also supported yellow metal.

Gold had risen last month on speculation that the weakness in the world economy could lead the Fed to delay the rate hike for next year. But hawkish tone last week the central bank of the United States caused a massive sell bullion.

Technical selling and liquidation of long positions were sending prices lower, according to HSBC analyst James Steel.

The U.S. Institute of Supply Management is to release data on October manufacturing activity in morning on Monday, amid expectations for a modest decline.

Gold prices on MCX for February contract was trading at Rs 26730 down Rs 6, or 0.02 percent.

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