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Gold Declines

Gold DeclinesGold Declines

Gold fell as expectations for an increase in US borrowing costs by the end of the year buoyed the dollar, curbing the metal’s appeal. Bullion for immediate delivery was down 0.4% at $1,068.36 an ounce in Singapore, according to Bloomberg generic pricing. If the decline holds, gold is headed for its sixth straight week of losses, the longest such streak since August. The metal is trading near its lowest levels since February 2010 as investors weigh the prospects of higher US interest rates after data pointed to a strengthening economy. Chances of the Federal Reserve moving next month are at 72%, up from 50% at the end of October, Fed-fund futures data tracked by Bloomberg show.

 

Financialtribune.com