Gold hits over 2-week low, but set to end 6-month losing streak ( MCX HNI CALLS) WWW.TRADEMAXINDIA.COM CALL@ (8218997961/8218995526)


Gold prices fell to a more than two-week low on Wednesday as equities gained and the dollar touched multi-month highs after upbeat economic data indicated a robust U.S. economy.

The yellow metal, however, remained on track to end a run of six straight monthly losses, the longest such streak since early 1997.

Spot gold XAU= was 0.5 percent lower at $1,216.85 an ounce at 0750 GMT, having touched its lowest since Oct. 12 at $1,215.35 earlier in the session. It has risen more than 2 percent so far in October, the biggest monthly gain since January.

U.S. gold futures GCcv1 fell 0.5 percent to $1,218.7 an ounce.

“Gains in dollar is impacting dollar-denominated gold negatively,” said Hareesh V, head of commodity research at Geojit Financial Services in the southern Indian city of Kochi.

“After robust recent economic data, the U.S. non-farm payroll data is also expected to be positive … So possibly dollar strengthening might continue for the next couple of days.”

The greenback on Wednesday scaled 16-month highs versus its key rivals on continued strength in the U.S. economy. USD/ prices have slipped about 11 percent from their April peak as investors turned to the dollar as a safe-haven with the trade war unfolding against a backdrop of higher U.S. interest rates.





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