Spot price fell 0.1% to $1,758.48 per ounce, after hitting $1,765.54, its highest since September 23
Bengaluru — Gold prices edged down on Monday, with a firmer dollar dimming bullion’s appeal, as investors eye a key US jobs report later this week that could influence the Federal Reserve’s timeline for tapering its asset purchases.
The dollar index was up 0.1%, rebounding from its lowest level since September 29 hit earlier, making gold more expensive for buyers holding other currencies. “Ultimately, for gold it’s all about Friday’s job report, but the bar remains very high for any change in the FOMC’s attitude towards a November taper,” said Stephen Innes, managing partner at SPI Asset Management, adding that bullion will likely trade at $1,740-$1,775 this week.
Indicative of sentiment, SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, said its holdings slipped 0.4% to 986.54 tonnes on Friday.
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