Gold fell nearly 2 percent to a four-week low on Tuesday, sliding for a fifth straight session as prices came under pressure from a rising dollar and speculation that the U.S. Federal Reserve may lift interest rates this year.
The Fed last week put a December rate rise into play, dampening earlier talk that a string of downbeat U.S. data and global growth concerns could push back to next year the first rate increase in nearly a decade.
Spot gold was down 1.7 percent at $1,114.70 an ounce at 1:54 p.m. EST (1854 GMT), its biggest drop in 3-1/2 months, having earlier touched its lowest since Oct. 2 at $1,114.10. U.S. gold futures for December delivery settled down 1.9 percent at $1,114.10 an ounce.
The dollar rose 0.6 percent against a basket of major currencies, pressuring gold.
Silver was down 1.2 percent at $15.21 an ounce, platinum was down 1.5 percent at $957.50 and palladium was down 1 percent at $640.75.
For more information ✆ – 0731-6642300 or Visit http://www.epicresearch.co
The Fed last week put a December rate rise into play, dampening earlier talk that a string of downbeat U.S. data and global growth concerns could push back to next year the first rate increase in nearly a decade.
Spot gold was down 1.7 percent at $1,114.70 an ounce at 1:54 p.m. EST (1854 GMT), its biggest drop in 3-1/2 months, having earlier touched its lowest since Oct. 2 at $1,114.10. U.S. gold futures for December delivery settled down 1.9 percent at $1,114.10 an ounce.
The dollar rose 0.6 percent against a basket of major currencies, pressuring gold.
Silver was down 1.2 percent at $15.21 an ounce, platinum was down 1.5 percent at $957.50 and palladium was down 1 percent at $640.75.
For more information ✆ – 0731-6642300 or Visit http://www.epicresearch.co
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