Gold prices fell Wednesday and were on track to make of November the metal’s worst month in over three years as strong US economic data boosted the dollar, rising expectations of an interest-rate increase by the Federal Reserve next month.
Gold for February delivery, the most active contract, was recently down 1.48% at $1,173.20 an ounce on the Comex division of the New York Exchange.
Sharp gains in the crude oil market after the POEC agreed to cut production by about 1.2 million barrels per day, or about 4.5% of current output, did little to help the gold bulls today.
Source: Kitco Charts.
A Federal Reserve interest-rate increase next month is now as certain as death and taxes as the likelihood of that happening is now at 94%, according to Fed fund futures tracked by CME. Higher interest rates are typically negative for gold and other precious metals as they don’t pay interest.
Gold has shed nearly 8% this month, the deepest monthly drop since June 2013, hurt by a rally in the US dollar on surging Treasury yields as investors believed President-elect Donald Trump's policies would invoke faster inflation.
Assets in bullion-backed exchange-traded funds have, in fact, decreased 5.3% this month, the biggest monthly fall since June 2013.
The post Gold set to record its worst month in three years appeared first on MINING.com.
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