Thursday, October 2, 2014

Gold on its lowest price in 8 months

Gold fell to extend a weekly drop as investors assessed prospects for higher U.S. interest rates before the world’s biggest economy reports monthly payrolls. Platinum dropped to a five-year low, set for the biggest weekly loss since June 2013.
Gold is moving closer to erasing this year’s gains. An accelerating U.S. economy means investors are shunning haven investments even after the U.S. expanded sanctions against Russia and stepped up its campaign against Islamic State. Improving data have strengthened the dollar and prompted the Federal Reserve, on track to announce the end of its bond-buying program this month, to assess whether the economic recovery can withstand higher borrowing costs.

Bullion for immediate delivery slid as much as 0.3 %to $1,211.06 an ounce and was at $1,211.56, down 0.6% this week. The metal touched $1,204.57 on September 30, the lowest since January 2. The Dollar Spot Index has risen 0.2% in the past five days and is heading for its seventh week of gains, the longest stretch since June 2010. Gold typically trades counter to the dollar. U.S. employers added 215K jobs in September, according to the estimate before Labor Department figure today. The increase in August was 142K. Gold for December delivery fell 0.2 percent to $1,212.50 on the Comex in New York. Futures are set for a fifth weekly loss, the longest such run since January 2013.

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