Economic news

Gold rates tumble on stronger dollar

On Monday gold rates tumbled due to a firmer U.S. buck and a retreat in equities, as clues of more boost from significant national banks far and wide facilitated worries about a recession.

goldPhoto: Flickr

Spot gold edged lower 0.4 percent at $1,507.11 per ounce at 0602 GMT.

U.S. gold futures tumbled 0.5 percent to $1,515.70 an ounce.

The greenback equity indicator versus its major rivals, drifted close to a fourteen-day peak achieved on Friday, making dollar-denominated gold costlier for traders holding other monetary forms.

The 10-year U.S. Treasury yield hovered away from a three-year trough touched a week ago.

Spot gold has advanced 19 percent so far since tumbling to the year's low of $1,265.85 in May.

U.S. President stated on Sunday he was "not prepared to make an exchange agreement yet" with China, indicating that the White House might want to see Beijing settle progressing protests in Hong Kong first.

Traders are currently anticipating the U.S. Fed Jackson Hole symposium the current week to get more lucidity on the future way of borrowing costs. Investors see about a 71 percent shot of a 25 bp trim in September.

SPDR Gold Trust stated its holdings lost 0.10 percent to 843.41 tonnes on Friday.

Hedge funds and currency managers cut their bullish position in COMEX gold and sliced net long positions in silver futures in the week to Aug. 13, the U.S. CFTC stated on Friday.

Meantime, silver slipped 0.6 percent to $16.99 per ounce.

Platinum gained 0.5 percent to $848.54 an ounce, and palladium added 0.2 percent to $1,450.55 an ounce.

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