Gold Falls To Over 10-Month Low As Fed Signals More Hikes In 2017
Gold prices fell on Thursday to a new low in more than 10 months as the dollar surged after the U.S. central bank raised interest rates for the first time in a year and signalled further rate hikes for 2017.Â
FUNDAMENTALSÂ
-Spot gold edged 0.4 percent lower to $1,139.54 an ounce by 0108 GMT. The bullion touched a new low of 1,134.71 an ounce, its lowest since Feb. 3. The yellow metal fell over one percent in the prior session.Â
-U.S. gold futures fell nearly 2 percent to $1,141.80 per ounce. The prices fell to $1,136.4 an ounce earlier in the session to their lowest since Feb. 1 and registered their biggest percentage fall in one month.Â
-The dollar index, which measures the greenback against a basket of currencies, was up 0.7 percent at 102.490. The dollar hovered near a 14-year peak against a basket of major currencies on Thursday.Â
-The U.S. Federal Reserve raised interest rates on Wednesday and signalled a faster pace of increases in 2017 as central bankers adapted to the incoming Trump administration's promises of tax cuts, spending and deregulation.Â
-U.S. retail sales barely rose in November and industrial production recorded its biggest drop in eight months, suggesting some loss of momentum in economic growth in the fourth quarter.Â
-Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.80 percent to 849.44 tonnes on Wednesday.Â
-Human rights groups on Wednesday welcomed a decision by Thailand to close the country's only active gold mine by the end of the year as the mine's operator said it had laid off the employees.Â
-The amount of gold dug up by people working informally in Mali could soon rival official production thanks to demand from domestic refineries, officials in the West African nation say.Â
-Turquoise Hill Resources Ltd said on Wednesday it had resumed concentrate shipments from its giant copper-gold Oyu Tolgoi mine in Mongolia following talks with Chinese and Mongolian authorities.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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