Gold hit its lowest in over two weeks on Monday, as the dollar climbed to a three-month high versus the yen after Japan’s ruling bloc scored a big win in Sunday’s election, leaving the door open to ultra-loose monetary policy for longer, Reuters reported. Spot gold was down 0.4% at $1,275.81 an ounce, after hitting its lowest since Oct. 6 at $1,273.80 earlier in the session. US gold futures for December delivery fell 0.3% to $1,277.30 per ounce. “This move is just really because of the dollar strength,” said Yuichi Ikemizu at ICBC Standard Bank in Tokyo.
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