Gold futures price continues to losses in the 8TH straight session on Thursday, under way tugged back down towards $ 1,200 an ounce at a worse drop since October amid growing expectations among traders that the Fed will raise interest rates at the March policy meeting next week.
Comex gold futures touched a session low of $1,202.50 a troy ounce, a level not seen since February 1. It was last at $1,206.40 , down $3.00, or about 0.3%.
Gold for immediate delivery lost about 0.4% to $1,203.98 an ounce, the lowest level since Feb. 1, and traded at $1,205.41 in London, according to Bloomberg generic pricing. It’s lower for a 4th day, while yields on 10-year Treasuries up for a ninth session.
Futures traders priced in all parts of a 90% chance of rising in the meeting of the Fed’s March 14 to 15, according to the tool monitoring of the Federal Reserve’s rate Investing.com.
Investors are now waiting for the nonfarm payrolls report on Friday for more clues on the potential for rising this year’s pace.
Prospects of lifting the second interest rate on Sep currently amounts to approximately 70%, whereas the price of the third raise in December in at nearly 60%, matching market forecasts with current expectations for the Federal Reserve Board for a term of three to raise interest rates in 2017.
Only raise the prices once in 2015 and also in 2016, and the rate may accelerate this year. The so-called conspiracy points from the makers of the Federal Reserve’s policy shows predicted for three increases this year, and last Friday, Yellen dropped hints it may end the bank to raise them more than planned in 2017.
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