Gold stuck near 3-month low
10 November 2015, Nirapad News: Gold was mired near a three-month low Tuesday on expectations the U.S. Federal Reserve was well on track to raise interest rates before the end of the year.
A forecast-beating US October employment report on Friday pushed up bets that the Fed will increase interest rates in December for the first time in nearly a decade, weighing on the price of non-interest bearing gold.
“Gold will stay below $1,100 as the interest rate hike becomes more and more imminent,” said Mark To, head of research at Hong Kong’s Wing Fung Financial Group. Spot gold was little changed at $1,092.60 an ounce by 0241 GMT. Bullion ended an eight-day losing run on Monday, but not enough to pull it far away from Friday’s low of $1,084.90, its weakest since Aug. 7.