Tuesday, 24 October 2017

Gold declines on nerves ahead of Fed chair appointment



Gold dipped on Tuesday as investors nervously awaited news on the new head of the US central bank while strong share markets and a calmer geopolitical environment sapped safe-haven demand.

President Donald Trump told reporters on Monday he is "very, very close" to making his decision on who should chair the US Federal Reserve.

A hawkish candidate would be expected to favour higher interest rates, boosting the value of the dollar and making the greenback-denominated metal more expensive.

Spot gold slipped 0.2 per cent to $1,279.01 an ounce by 1000 GMT, after hitting its lowest since October 6 at $1,271.86 in the previous session. US gold futures for December delivery fell 0.1 per cent to $1,280.02 per ounce.

Spot gold has shed six per cent since touching a one-year high of $1,357.54 on September 8, largely due to a rebound in the dollar on expectations that the Fed will boost interest rates in December.

The Fed will raise rates in December and twice next year, according to a Reuters poll of economists, who now worry that the central bank will slow its tightening because of expectations that inflation will remain low. - Reuters

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