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MTECHTIPS:-Gold futures slide to more than 5-month lows

Tuesday, November 15, 2016 0:56
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MTECHTIPS:-Gold futures slide to more than 5-month lows

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MTECHTIPS- Gold prices fell to a more than five-month low on Monday, extending four straight sessions of losses as market players continued to dump the yellow metal in wake of Donald Trump’s victory in the U.S. presidential election. Gold for December delivery on the Comex division of the New York Mercantile Exchange sank to an intraday low of $1,212.00 a troy ounce, a level not seen since June 3. It was last at $1,219.30 by 3:05 AM ET (08:05 GMT), down $4.55, or 0.38%. Gold plunged more than 3% on Friday amid optimism that increased fiscal spending and tax cuts under a Trump administration will spur economic growth and inflation, which would ultimately lead to an era of higher interest rates. Investors are currently pricing an 81.1% chance of a rate hike at the Fed’s December 13-14 meeting, according to Investing.com’s Fed Rate Monitor Tool. The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar in which it is priced. The U.S. dollar was last up more than 0.6% against a basket of major currencies at 99.60, after climbing to a nine-month high of 99.67 overnight. A stronger U.S. dollar usually weighs on gold, as it dampens the metal’s appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies.

 

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