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Gold bearish in EU session

Gold resumes being under pressure during the European trading session, amid its recent declination to a two-weeks low, following the appreciation of the U.S. dollar after the FED's indications that it could likely increase rates as of next month.

Gold drops to $1,335.40 a troy ounce

December's gold delivery on the New York Mercantile Exchange, Comex division, declined to $1,335.40 a troy ounce.

Since last Friday, the precious metal traded at $1,337.35, and was 0.66% or $8.85 lower, following a previous 0.81% or $11.00 fall.

After Stanley Fischer's, FED vice chairman, comment, the odds for a rate hike, in the near-term, increase dramatically.

The precious metal has significant sensitivity to the rates in the U.S., as gold can lift the non-yielding assets' opportunity cost, while in the meantime supporting the greenback.

Moreover, gold is heavily influenced by a stronger U.S. dollar since it minimizes the precious metal's outlook as an alternative source of investment, making the commodities priced with the dollar more expensive to hold.

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Monday, 22 Aug, 2016 / 9:03

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Source : https://www.argusfx.com/en/research-education/market-analysis/news/gold-bearish-in-eu-session

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