While bullion prices remain below $1,753/oz it seems a move down to $1,720 is on the cards, analyst says
Bengaluru — Gold was flat on Monday, as a towering US dollar put pressure on demand for greenback-priced bullion and pinned it near nine-month lows seen last week.
The dollar climbed back towards its highest level in about 20 years hit on Friday, keeping overseas buyers away from gold. Gold marked a fourth consecutive weekly loss on Friday, having hit its lowest since late-September a few sessions prior, hurt by the dollar's ascent and bets for steep interest rate hikes gaining traction after healthy US jobs data.
Atlanta Federal Reserve Bank president Raphael Bostic, until recently among the US central bank's most dovish policymakers, on Friday said he “fully” supports another three-quarters of a percentage point interest rate rise at the Fed's next policy meeting later this month.
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