Gold under pressure from dollar and uncertainty over US Fed’s next move
Bengaluru — Gold nudged lower on Monday amid uncertainty about the timing of an interest hike by the US Federal Reserve, and a stronger dollar added to the pressure on bullion. Spot gold was down nearly 0.2% at $1,263.45 an ounce at 4.30am GMT, while US gold futures fell about 0.3% to $1,264.40. "Given the risk is just going to be increased, most people are going to liquidate a part of their holdings, just to place themselves in a safer position," said Mark To, head of research at Hong Kong’s Wing Fung Financial Group. "Ahead of the US elections results, it will move around the level $1,250 to $1,270 without much momentum to go up," he said. Third-quarter growth figures from the US and Fed policy makers’ speeches due this week will be closely watched by the market for clues on a possible interest rate hike. Hedge funds and money managers cut their net long positions in Comex gold for a third straight week in the week to October 18, US Commodity Futures Trading Commission data showed...
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