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Gold Settles Lower Ahead Of Fed Rate Decision

Thu, 8th Nov 2018 19:42

WASHINGTON (Alliance News) - Gold prices edged lower on Thursday as the US dollar gained some ground against major currencies ahead of the US Federal Reserve's monetary policy announcement.

Though the central bank is not expected to hike interest rates this month, investors are keen to know whether there will be a hike in December.

The central bank had earlier hinted at a hike in December and three more increases in the coming year.

The dollar index was hovering around 96.25, gaining about 0.5%, as traders awaited the monetary policy announcement from the Federal Reserve.

Gold futures for December ended down USD3.60, or 0.3%, at USD1,225.10 an ounce. With today's decline, gold futures have lost ground in four of the last five sessions.

On Wednesday, gold futures ended up USD2.40, or 0.2%, at USD1,228.70, snapping a three-day losing streak.

Silver futures for December ended down USD0.146, at USD14.423 an ounce.

Copper futures for December settled at USD2.7360 per pound, losing USD0.0185 in the session.

On the US economic front, the Labor Department's report showed a slight drop in initial jobless claims in the week ended November 3rd.

The report said initial jobless claims edged down to 214,000, a decrease of 1,000 from the previous week's revised level of 215,000. Economists had expected jobless claims to dip to 213,000 from the 214,000 originally reported for the previous week.

In news from China, according to data released by the government, China's exports and imports both increased more than expected in October. Exports grew 15.6% annually, while economists had forecast an increase of 11.7%. Imports surged 21.4% in the month, as compared to the forecast of 14.7%. As a result, the trade surplus came in at USD34 billion in the month versus the expected level of USD35.1 billion.

Copyright RTT News/dpa-AFX

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