Gold dropped to its lowest level in over three weeks on Thursday as a stronger dollar and increasing prospects of a December rate hike by the Federal Reserve curbed appetite for the metal.
Gold slipped heavily yesterday and extended the slide further today after the US Federal Reserve announced that, for the first time in nine years, it would start reducing the size of its $4.5 trillion asset portfolio starting in October.
Spot gold was down 0.1 % at $1,299.31 an ounce at 0326 GMT, after earlier touching its lowest since late August at $1295.65.U.S. gold futures for December delivery fell 1 percent to $1,302.60 an ounce.Spot gold may break support at $1,299 per ounce and fall more towards the next support level at $1,281, said Reuters tech nicals analyst Wang Tao.
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The U.S. dollar rose and bond yields jumped to their highest levels in six weeks after the Federal Reserve announced a plan to start shrinking its balance sheet in October and signalled one more rate hike later this year.
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