Investing.com – Gold prices fell to six-week lows on Tuesday as dollar strength continued on the back of recent investor optimism surrounding tax reform.
for February delivery on the Comex division of the New York Mercantile Exchange fell by $11.70, or 0.92%, to $1266.00 a troy ounce.
Gold prices fell as bullish sentiment in risk markets continued amid growing investor expectations that the Senate and House of Representatives will reconciled their respective bills, ensuring that the final bill will reach President Donald Trump for approval before year-end.
Also weighing on the dollar was ongoing expectations that the U.S. Federal Reserve will raise interest rates for third time this year at the conclusion of its next meeting on Dec.13.
According to investing.com’s 100% of traders expect the Federal Reserve to raise rates in December.
Gold is sensitive to moves higher in both bond yields and the U.S. dollar – A stronger dollar makes gold more expensive for holders of foreign currency, while a rise in U.S. rates, lift the opportunity cost of holding non-yielding assets such as bullion.
In other precious metal trade, fell 1.88% to $16.07 a troy ounce, while lost 0.97% to $917.
traded at $2.95, down 4.50%, while fell by 3.05% to $2.89.
Natural gas has made a bearish start to the week as money managers increased their bearish bets on natural gas by 23% in the week ended Nov. 28, the biggest jump since early June, according to CFTC data.
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Source: Investing.com
