Gold Prices Hovers at 6-Month Lows as Dollar Extends Surge

Gold Prices Hovers at 6-Month Lows as Dollar Extends Surge

Gold futures prices were flying at the lowest level in six months on Friday, as the greenback rose to near the 14-year high on expectations for higher US rates next month and increasing spending infrastructure of the new administration Trump.

On the Comex Exchange, gold futures for December delivery were down 1.01% at $1,204.50, the lowest since May.

Spot gold slid to its lowest since May 30 at $1,203.52 an ounce, and was down 0.8 per cent at $1,205.76 an ounce.

The dollar strengthened broadly after the Ministry of Labour of the United States said on Thursday that initial jobless claims decreased by 19,000 last week to 235,000, the lowest level since 1973.

Separately, the Commerce Department said housing rose 25% in October to reach 1.323 million units, while the Building Permits rose 0.3% to 1.229 million units.

The data revealed that US consumer prices increased by 0.4% in October, in line with expectations. General on an annual basis, consumer prices rose 1.6% last month, the highest level since October 2014.

The greenback is on track for the best week since 1988 versus the yen, after hitting highs in early 2003 compared to a basket of currencies also raised win the presidency Donald Trump in talking about raising fiscal spending and cutting taxes to jump-start the US economy.

Which have affected the gold, which is priced in dollars.

Gold prices slipped over 0.50 per cent on the Multi Commodity Exchange (MCX) on rate hike worries by US Fed.

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