Gold Futures Prices Struggle Near 11-Month Lows As Dollar Stays Near 14-Year High

Gold Futures Prices Struggle Near 11-Month Lows As Dollar Stays Near 14-Year High

Gold futures prices have struggled near the lows last week in 11 months on Wednesday, as greenback remained near its highest level in 14 years versus a basket of currencies and access further US interest rate hikes in the next year continued to weight.

Gold for February delivery on the Comex Exchange inched up $1.75, or 0.15%, to $1,135.35 a troy ounce.

Spot gold was down 0.1 per cent at $1,131.01 an ounce. It fell 0.6 per cent the day before.

The dollar index which tracks the dollar’s strength against a trade-weighted basket of six major currencies, was been little at 103.21 In early Tokyo trade xchange. Index rose to 103.62 on Tuesday, the strongest level since December 2002.

Bank of Japan Governor Haruhiko Kuroda on Tuesday optimistic view of the economy but sought to calm market talk the central bank may soon consider raising interest rates.

Central Bank of Russia, which is seeking to diversify its reserves, recorded significant monthly gains in their gold reserves for the second month in a row on Tuesday.

Market analysts warned that the outlook for gold is still cloudy in the near term, due to expectations of higher US interest rates over the coming months.

The Fed increased interest rates for the first time since last week and is expected three increases in 2017.

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