Gold
fell to a three-month low on Wednesday
session,
after failing to take advantage of a weaker dollar. The precious metal remains
under pressure due to the expected increase in interest rates by the Federal
Reserve.The spot price of gold fell 0.5% to $ 1084.61 per ounce. This is the lowest
level since August 7th.
US futures for delivery in December fell by $ 3.60 to 1084.90.Pressure
also remained on platinum, which fell for tenth consecutive session of decline and reached its lowest level since
December 2008. It is trading at around $ 875 per ounce.Palladium registered a decline and fell by 3.5 % to $ 574.25.
Silver is also in the red area.
The metal fell to 14.20 - the lowest price since late August.
"If there (is) a December rate hike, the next question is what's the path, is the Fed going for at least three further increases of 25 basis points but the end of 2016," Societe Generale analyst Robin Bhar said. "In that case,gold will definitely see a move down towards $1,050."
"If there (is) a December rate hike, the next question is what's the path, is the Fed going for at least three further increases of 25 basis points but the end of 2016," Societe Generale analyst Robin Bhar said. "In that case,gold will definitely see a move down towards $1,050."
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