Gold fell to extend a weekly drop
as investors assessed prospects for higher U.S. interest rates before the
world’s biggest economy reports monthly payrolls. Platinum dropped to a
five-year low, set for the biggest weekly loss since June 2013.
Gold is moving closer to erasing
this year’s gains. An accelerating U.S. economy means investors are shunning
haven investments even after the U.S. expanded sanctions against Russia and
stepped up its campaign against Islamic State. Improving data have strengthened
the dollar and prompted the Federal Reserve, on track to
announce the end of its bond-buying program this month, to assess whether the
economic recovery can withstand higher borrowing costs.
Bullion for immediate delivery
slid as much as 0.3 %to
$1,211.06 an ounce and was at $1,211.56, down 0.6% this week. The metal
touched $1,204.57 on September 30, the lowest since January 2. The Dollar Spot
Index has risen 0.2% in the past five days and is heading for its seventh week
of gains, the longest stretch since June 2010. Gold typically trades counter to
the dollar. U.S. employers added 215K jobs in September, according to the estimate
before Labor Department figure today. The increase in August was 142K. Gold for
December delivery fell 0.2 percent to $1,212.50 on the Comex in New York.
Futures are set for a fifth weekly loss, the longest such run since January
2013.
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