Gold Futures at Near 6-Year Low on Stronger US Dollar

Gold Futures at Near 6-Year Low on Stronger US Dollar

Prices of gold futures dropped lowest in nearly six years in the European morning hours on Friday as growing the expectations of a rate hike in the United States next month continued its support to the demand for the USD .

On the Comex, gold futures for December delivery were down 0.25% at $1,067.40.

Spot gold fell 0.7 percent to $1,063.75 an ounce, its lowest since February 2010.

The US dollar was broadly propped following a series of upbeat data from the USA released throughout the week added to expectations that the Federal Reserve will raise interest rates next month.

The US dollar index, which measures the strength of the the greenback versus a trade-weighted basket of six major currencies, was steady at 99.81, just below the eight-month high of 100.21 from Wednesday.

US gold futures have dropped by over 6% so far in November amid expectations for a December launch in interest rates in the United States.

Buying in China has been good, but has not been able to support prices, said the merchant.

Premiums in the Shanghai Gold Exchange, an indicator of demand in China, were trading at $ 5- $ 6 an ounce, compared with $ 3- $ 4 at the beginning of the month.

However, other indicators of physical demand is not optimistic.

Purchasing gold in India in the key December quarter is likely to fall to the lowest level within eight years, hurt by poor demand for investment and back-to-back droughts that have reduced income for millions of farmers in the country.

In futures trading at the Multi Commodity Exchange, gold for delivery in December traded Rs 37, or 0.15% lower at Rs 25,244 per 10 gram on weak global cues.

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