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- Gold near three-month low
Gold near three-month low
Gold slightly climbed to $1,092.60 (+0.45%) on Monday morning, but remained near a three-month low as strong jobs data from the U.S. intensified expectations for an interest rate hike by the Federal Reserve in December. Some analysts say that the precious metal is likely to remain under pressure until the Federal Open Market Committee announces its monetary policy decision next month.
The U.S. economy exceeded expectations for 180,000 jobs and generated 271,000 jobs outside the farming sector in October, the biggest monthly gain this year, while the unemployment rate fell to 5% from 5.1%. Hourly wages rose 9 cents or 2.5% y/y at the fastest year-over-year pace since 2009.
Assets in SPDR Gold Trust, the biggest gold-backed exchange-traded fund in the world, fell 0.40% to 669.09 tonnes on Friday.
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