Gold Hits Over 1-month Low After Mixed U.S. Data

Gold Hits Over 1-month Low After Mixed U.S. Data

Gold futures were little changed near a one and a half month low on Thursday as the dollar rose on expectations of a US interest rate hike in December after mixed US economic reports.

Comex gold futures were down $13.24 or about 1.04% at $1,288.58 a troy ounce.

Spot gold was down 0.2 per cent at $1,278.36 per ounce.

MCX Gold futures were down 0.02 per cent at Rs 29,653 per 10 gram.

On Thursday, data showed that economic growth in the United States in the second quarter was more adjusted than expected.

The US Labor Department said preliminary jobless claims rose more-than-expected last week.

The US dollar was broadly strengthened after reports said on Wednesday that US President Donald Trump had proposed the biggest US tax reform in three decades.

The proposal is still facing an uphill battle in the US Congress, with the Republican Party split over it and hostile Democrats.

The US dollar was already supported by new expectations for an interest rate hike in December by the Federal Reserve after the hardline statements by Federal Reserve Chairman Janet Yellen on Tuesday.

The dollar index, which measures the strength of the dollar versus a basket of six major currencies, fell 0.16% to trade at 93.12, from a one-month high of 93.50 earlier in the day.

In the latest developments in North Korea, the French foreign minister on Saturday urged US President Donald Trump to focus on raising the diplomatic pressure on Pyongyang.

US and dollar yields rose after President Trump proposed the largest tax reform in the United States in three decades, and strong economic data added to a Fed rate hike later this year.

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