Bengaluru — Gold hit its lowest in more than two weeks early on Monday, as the dollar climbed to a more than three-month high against the yen after Japan’s ruling bloc scored a big win in Sunday’s election, leaving the door open to ultra-loose monetary policy for longer. Spot gold was down 0.4% at $1,275.70/oz by 3.13am GMT, after hitting its lowest since October 6 at $1,273.80/oz earlier in the session. US gold futures for December delivery fell 0.3% to $1,277.20/oz. "This move is just really because of the dollar strength," said Yuichi Ikemizu at ICBC Standard Bank in Tokyo. "There’s no news on North Korea this past week or so. If some news comes out, gold might be supported but at the moment people are just watching the dollar." Geopolitical risks can boost demand for safe-haven assets such as gold and the Japanese yen. Japanese Prime Minister Shinzo Abe’s Liberal Democratic Party-led (LDP) coalition won a combined 312 seats, keeping its two-thirds "super majority" in the 465-mem...
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