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Gold Plunges As Fed Looks Set For A Rate Hike -

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Dec, 10th 03:38


Gold prices fell in Asia with markets increasingly confident of a Federal Reserve rate hike next week

On the Comex division of the New York Mercantile Exchange, gold for February delivery fell 0.33% to $1,072.90 a troy ounce.

Silver futures for March delivery eaed 0.06% to $14.180 a troy ounce, while copper futures for March delivery rose 0.12% to $2.068 a pound.

In Asia, Japan reported corporate goods prices for November fell 0.1% month-on-month, the eighth straight monthly drop, compared to a fall of 0.3% seen.

Australia said employment data showed a 71,400 jobs gain in November, compared to a drop of 10,000 jobs seen at a participation rate of 65.3%, above the 65% expected, for an unemployment rate of 5.8%, well below the 6% expected.

Also in Australia, annual MI Inflation expectations for December came in at 4.0%, up from 3.5% in November.

Separately, the New Zealand dollar held gains Thursday after a cut in the official cash rate of 25 basis points to 2.5% as investors mulled whether the next step was up.

Overnight, gold futures inched up amid a sharply weaker dollar, as investors continued to prepare for next week’s critical Federal Reserve meeting where the U.S. central bank is largely expected to raise short-term interest rates for the first time in nearly a decade.

After reaching near one-month highs in the U.S. morning session, gold fell back amid a wave of profit taking before turning positive just before the close of trading. The precious metal still remains near six-year lows from last week, as commodity traders brace for a likely rate hike from the Federal Open Market Committee at its two-day meeting on December 15-16.

A rate hike is viewed as bearish for gold, which is not attached to interest rates and struggles to compete with high-yield bearing assets.

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