Gold traded near the lowest level in almost nine months as the dollar rose to a four-year high amid prospects of higher borrowing costs as the U.S. economy improves. Platinum traded near a 15-month low.
Bullion for immediate delivery fell as much as 0.2 percent to $1,216.02 an ounce, and traded at $1,218.86 at 8:48 a.m. in Singapore, according to Bloomberg generic pricing. The metal has declined 5.3 percent this month, after dropping on Sept. 25 to $1,207.04, the lowest level since Jan. 2 and within 0.5 percent of erasing this year’s gains.
Gold is heading for the first quarterly loss this year as the Bloomberg Dollar Spot Index climbed 6.4 percent. A report today may show U.S. personal spending expanded in August after data last week showed the world’s largest economy grew the most since 2011 in the second quarter. Consumer spending accounts for about 70 percent of gross domestic product.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015