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Gold prices drop to 6-mth low on strong dollar, U.S. rate outlook
Gold prices posted a six-month low on Thursday, weighed down by a firm dollar and as the U.S. Federal Reserve Chair kept its outlook for higher interest rates.
Spot gold XAU= fell 0.4 percent to $1,262.88 an ounce by 0637 GMT. It hit its lowest since Dec. 20 at $1,261.36 earlier, having lost about 3 percent over the last five sessions.
U.S. gold futures GCcv1 for August delivery were down 0.8 percent at $1,264.50 per ounce.
"Precious metal (gold) is firmly in a downtrend and this is mainly due to the strength in the dollar index which is trading at a significant level," said ThinkMarkets chief market analyst Naeem Aslam.
The dollar held near an 11-month high against a basket of currencies on Thursday, supported by a rise in U.S. yields, while the pound was at its lowest level since November 2017 ahead of a Bank of England monetary policy decision. USD/
A stronger greenback makes dollar-denominated gold more expensive for holders of other currencies.
The dollar strength follows a remark from Fed Chairman Jerome Powell yesterday and that is driving gold down, said Yuichi Ikemizu, Tokyo branch manager at ICBC Standard Bank.
Call@9719026661
www.RoyalTraders.co
Best Accuracy For Royal Traders
Live News Update
Gold prices drop to 6-mth low on strong dollar, U.S. rate outlook
Gold prices posted a six-month low on Thursday, weighed down by a firm dollar and as the U.S. Federal Reserve Chair kept its outlook for higher interest rates.
Spot gold XAU= fell 0.4 percent to $1,262.88 an ounce by 0637 GMT. It hit its lowest since Dec. 20 at $1,261.36 earlier, having lost about 3 percent over the last five sessions.
U.S. gold futures GCcv1 for August delivery were down 0.8 percent at $1,264.50 per ounce.
"Precious metal (gold) is firmly in a downtrend and this is mainly due to the strength in the dollar index which is trading at a significant level," said ThinkMarkets chief market analyst Naeem Aslam.
The dollar held near an 11-month high against a basket of currencies on Thursday, supported by a rise in U.S. yields, while the pound was at its lowest level since November 2017 ahead of a Bank of England monetary policy decision. USD/
A stronger greenback makes dollar-denominated gold more expensive for holders of other currencies.
The dollar strength follows a remark from Fed Chairman Jerome Powell yesterday and that is driving gold down, said Yuichi Ikemizu, Tokyo branch manager at ICBC Standard Bank.
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