Gold Futures Struggles Below Three Months on December Fed Rate Hike Talk

Gold Futures Struggles Below Three Months on December Fed Rate Hike Talk

The prices of gold struggled close to the lowest level in three months on Monday, as investors reduced holdings of the precious metal amid expectations that the Federal Reserve would hike the interest rates at its next session in December.

Gold for December delivery on the Comex tacked on $1.20, or 0.11%, to trade at $1,088.80 a troy ounce.

Meanwhile, gold rose as much as 0.4 per cent to $1,093.67 an ounce in Singapore.

The Department of Labor informed that the US economy adding 271,000 jobs last month, the largest increase since December, while the jobless rate rose to 5.0%, the lowest since April 2008.

Analysts were expecting Economy to Create 180,000 jobs in October, while it is expected that the jobless rate render them stable at 5.1%.

The robust database was seen as paving the way for the Fed to raise the interest rates at its December meeting.

The dollar remains near seven-month highs versus a basket of six other major currencies on Monday on expectations for more restrictive monetary policy in the US in the coming months.

Listed commodities become more expensive for the investors holding other currencies when the greenback gains.

Investors are now looking forward to introduce US data later in the week for more indications over the strength of the economy and the probability of a rate hike in the short term.

The United States is programmed to release data on retail sales, producer prices and consumer trust on Friday.

At the Multi Commodity Exchange, gold for delivery in far-month February next year moved up by Rs 171, or 0.66 per cent, to Rs 25,865 per 10 grams amid a firming trend in global market.

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