Gold Extended Losses Near 6-Year Lows Ahead of Busy Week

Gold Extended Losses Near 6-Year Lows Ahead of Busy Week

Gold prices extended losses on Monday, dropping towards its lowest level in nearly six years as a broadly stronger U.S. dollar combined with growing confidence the US interest rate hike this year.

Gold for February delivery on the Comex dipped 50 cents, or 0.05%, to trade at $1,055.70 a troy ounce.

Spot gold slipped 0.2 per cent to $1,055.60 an ounce. It had dropped to $1,052.70 earlier in the session, within striking distance of $1,052.46, the lowest since February 2010, reached on Friday.

The precious metal has disgraced as investors position themselves for the first rate hike in the United States in nearly a decade. It is expected the Fed to raise rates at its next policy meeting on 15-16 dic.

Investors believe gold, as a non-interest-paying asset, will take a hit to demand from higher rates as the dollar gains.

The dollar index rose to its highest level since April, amid increasing expectations of tighter monetary policy in the United States in the months ahead. Listed commodities become more expensive for investors holding other currencies when the greenback gains.

Within the next week, investors will focus on Friday’s US non-farm payrolls in November, the latest jobs report before the Fed decides on interest rates at its meeting from 15 to 16 December.

Assets in SPDR Gold Trust, the world’s top gold-backed exchange-traded fund, dropped at its lowest level since September 2008 on Friday.

The strong dollar also kept a cover on any rise in gold prices.

At the Multi Commodity Exchange, gold for delivery in February 2016 was trading lower by Rs 93, or 0.37%, at Rs 25,152 per 10 grams as participants trimmed positions, largely in tune with a weak trend overseas.

For Commodity Market Tips, MCX Live Tips, Gold-Silver Prices and trading market latest news & updates  with 100McxTips, follow us on Twitter @100mcxtips and Like on Facebook.  And to contact the reporter on this story email at or Call: +91-761-4012307

Free Mcx Tips


MCX Commodity Tips is an experienced Commodity Research Advisory to predict investors buying and trading trends at various market environments. For free trial advisory on commodity Gold, Silver, Crude, Copper and all Indian Commodities kindly visit us and submit an query form at commodity free trial tips here.

Posted in Commodity, MCX, Stocks Market

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Free Crude Oil Tips
Free Trial Crude Trading Tips
Contact & Visit Info
M-Sat : 10am - 7pm
NG Trading Tips
Free Trial Commodity Tips
Disclaimer: 100McxTIps would like to remind you that the data contained in this website is not necessarily real-time nor accurate. Bulloin Futures prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore 100McxTips doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
%d bloggers like this: