Gold futures dip to more than 5-month minimums
On Monday, gold prices sagged to a more than five-month minimum, thus extending four straight sessions of losses as key players kept dumping the number one precious metal in wake of Donald Trump’s win in the American presidential election.
In New York, December delivery gold futures dipped to an intraday minimum of $1,212.00 per troy ounce, a level not observed since June 3. Last it traded at $1,219.30, down 0.38%.
On Friday, gold dived more than 3% amid optimism that increased fiscal spending as well as tax cuts under a Trump administration will stimulate economic growth and also inflation, which would undoubtedly lead to an era of higher interest rates.
Market participants are currently pricing an 81.1% probability of a rate lift at the Fed's December 13-14 gathering.
The major American currency was last up more than 0.6% a basket of key currencies, being worth 99.60, having risen to a nine-month peak of 99.67 overnight.