PT. Equityworld Futures - Gold
futures fell to a two-week low as the dollar strengthened amid
speculation that the Federal Reserve will raise U.S. interest rates this
year.
The
greenback climbed to a one-month high against a basket of 10
currencies, cutting demand for gold as an alternative investment.
Accelerating inflation and jobs growth mean the “time is near” for a
rate increase, Fed Bank of Cleveland President Loretta Mester said
Monday.
Gold
swung between year-to-date gains and losses more than 10 times in 2015,
gyrating as traders tried to gauge when policy makers are likely to
raise borrowing costs. Higher rates drive investors to favor assets that
pay interest, including new bonds, curbing the appeal of gold, which
generally offers returns only through price gains.
Gold
futures for August delivery declined 1.4 percent to settle at $1,187.80
an ounce at 1:46 p.m. on the Comex in New York. The metal touched
$1,185.60, the lowest for a most-active contract since May 12. Trading
on all monthly contracts doubled compared with the 100-day average,
according to data compiled by Bloomberg.
The
price dropped 1.7 percent last week. Inflation rose more than forecast
in April, government figures showed Friday, and Fed Chair Janet Yellen
said the same day it would be “appropriate” to raise rates this year if
the economy improves.
Sumber : ewfpro.com
