Gold Futures Prices Ease, Surrender Gains On Dollar Strength

Gold Futures Prices Ease, Surrender Gains On Dollar Strength

Gold futures prices dropped on Monday, giving up early gains with a higher greenback amid expectations that the US Fed will raise rates at the policy meeting next week.

Spot gold slipped 0.3 percent to $1,173.56 an ounce. U.S. gold futures fell 0.2 percent to $1,175.80 per ounce.

Gold traded higher on the Multi Commodity Exchange (MCX) yellow metal was trading 0.15 per cent higher at Rs 28,471 per 10 gm in early trade.

Market pundits believe worries about the resignation of Italian Prime Minister Matteo Renzi after a negative vote in the constitutional referendum due to safe-haven buying on Sunday.

The euro sank to its lowest level in 20 months in Asia on Monday after Renzi said he would resign in the aftermath of severe defeat in the constitutional referendum that could destabilize the fragile banking system in the country’s stability.

Investors and politicians in Europe fear a victory for the opposition Italy camp “no” could cause of political instability and renewed unrest banks Italy, pushing the euro zone into a new crisis.

The euro sank to 20-month lows in Asia on Monday after the Italian vote.

Dollar index which tracks the US currency versus a basket of major currencies, rose 0.7 percent to 101.46, and the best height in a single day since the November 14.

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