Gold Futures Hit More Than 10-Month Low as Dollar Rises on Fed Hike View

Gold Futures Hit More Than 10-Month Low as Dollar Rises on Fed Hike View

Gold futures prices fell to the lowest level in more than 10-months on Monday, as the dollar strengthened on expectations of a U.S. rate hike this week continued to weigh on the precious metal.

Gold was trading at $1,156.25 a troy ounce, after falling as low as $1,153.00 earlier, the weakest since February 4.

Spot gold hit its lowest since Feb. 5 at $1,153.93 an ounce and was down 0.3 percent at $1,154.54 an ounce.

Dollar slipped slipped against a basket of six other major currencies, but left close to the top of the last level, where greenback index fall by 0.13% to 101.47.

Still room for doubt now that the Fed will raise the rates first time since the conclusion of its meeting on Wednesday, with investors pricing in a chance of 100% of the increase, according to the funds of the rate tool.

It showed an initial survey of the University of Michigan on Friday that US consumer confidence at its highest level since January 2015 index.

Dropped US stocks and wholesaler on October amid a boom in sales, supporting views that the investment inventory would help economic growth in the fourth quarter.

Gold prices recovered from a 10-month low by rising Rs 100 to Rs 28,550 per 10 grams, but falling fortune globally caps gains.

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Posted in Commodity, MCX, Stocks Market

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