Gold Struggle Near 6-Year Low on Strong Dollar, US Rate Hike View

Gold Struggle Near 6-Year Low on Strong Dollar, US Rate Hike View

US gold futures battled near six-year lows on Monday, which reached last week with a strong US dollar and hawkish comments from Fed officials about a possible rate hike in the United States next month.

Gold for December delivery on the Comex shed $4.40, or 0.41%, to trade at $1,071.90 a troy ounce.

Spot gold was down 0.8 percent at $1,069.02 an ounce, down for a 13th session in the 16 trading days this month.

The US dollar edged up 0.3 percent versus a basket of six currencies, still about seven months earlier, hit as the EUR fell on expectations that the European Central Bank will raise its monetary stimulus the coming month.

The EUR could slip to parity against the dollar in the coming months as the Federal Reserve begins to raise interest rates, while the ECB acknowledges the opposite direction.

A stronger US currency makes dollar-denominated gold to foreign holders.

Next week, market players will be focused on a set of economic data due on Wednesday for more indications about the strength of the economy and the likelihood of a rate hike in December.

Markets in the US will be closed on Thursday for the Thanksgiving holiday and Friday will be a half day.

Amid a weakening global trend, Gold for delivery in December dropped Rs 99 or 0.39% to Rs 25,144 per 10 gm at the Multi Commodity Exchange.

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