Gold near multi-year lows
26 November 2015, Nirapad News: Gold hovered close to its lowest in nearly six years on Thursday, as the dollar held at multi-month highs and U.S. economic data reinforced market expectations of an interest rate hike this year.
Spot gold was little changed at $1,070.80 an ounce by 0031 GMT, after dropping 0.4 per cent on Wednesday. The metal had fallen to $1,064.95 last week, the lowest since February 2010.
Data on Wednesday showed that U.S. manufacturing output rose well above economists’ expectations in October, while business spending plans surged. New applications for unemployment benefits dropped last week.
Though other data showed only a small increase in US consumer spending in October, it did little to alter views that the economy was strong enough for the Federal Reserve to raise rates at its next policy meeting in December.