2018-11-12
Gold prices fell to a one-month low as the dollar strengthened on expectations that the Federal Reserve will tighten borrowing costs.
 
At 0746 GMT, spot gold was down 0.3 percent at $ 1205.86 an ounce after touching a one-month low of $ 1205 earlier in the session.
 
Harish V. "The dollar is gaining strength after last week's Fed meeting and positive data for the US economy, putting pressure on non-yielding assets such as gold," he said.
 
The dollar index, which measures the strength of the greenback against a basket of six major currencies, rose 0.5 percent. The currency rallied to a 16-month high earlier in the session, increasing the cost of gold to other currency traders.
 
The Fed reiterated its plans to raise interest rates in December and then raise them by another two times by mid-2019 amid strong economic performance and rising wage pressures.
 
Silver rose 0.1 percent to 14.17 dollars per ounce. The metal fell during the previous session to its lowest level since September 18 at $ 14.06.
 
Palladium fell 0.2 percent to $ 1113.92 an ounce and platinum fell 0.1 percent to $ 848.50 an ounce.