|08-25-2014, 01:13 PM||#1|
Gold trades near two-month low on stronger dollar
Gold traded near its lowest level in two months on Monday as the U.S. dollar strengthened further gains majors amid speculation the Fed may raise interest rates sooner than market anticipations.
Last week, the shiny metal slipped 2 percent as Fed minutes signaled may increase borrowing costs sooner than predicted.
Yellen mentioned at a meeting of central bankers in Jackson Hole, Wyoming, that the U.S. labor market was recovering.
Over the weekend, she continued her comments by stating that raising interest rate may take place next year, which was considered as a speech giving less attention to economic growth.
Accordingly, the U.S. dollar opened today on an upside gap to resume its rally versus a basket of major currencies, to hover near 11-month. The dollar index soared to peak of 82.65 after touching a low of 82.52.
As of 14:00, a U.S. report may show new home sales rose to 426,000 last month from 406,000 in June.
Gold is currently trading around $1276.33 after hitting a high of $1281.12 and a low of $1273.95.
The fall below the physiological level of $1300 pushed the price down, where the metal may retreat further towards $1262.
The yellow metal halted a five-day drop on Friday, but it failed to continue its rebound today as the dollar’s strength eroded the metal’s appeal as an alternative investment.
Crude oil for October’s delivery rebounded to trade around $93.63 after hitting a bottom of $93.25.
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