Gold slumps to 2 month low as dollar marches on; Fed signals in focus
Gold prices were subdued after hitting a two-month low on Thursday, pressured by a strong dollar rally, though traders have not lost confidence in a December rate cut following the latest U.S. economic data.
Spot gold fell 0.1% to $2,570.05 per ounce as of 02:00 p.m. ET (1900 GMT), touching its lowest level since Sept. 12. U.S. gold futures settled 0.5% lower at $2,572.90.
The U.S. dollar index (.DXY), opens new tab continued its relentless march higher, trading at a one-year high, making gold more expensive for overseas buyers.
Source: Reuters