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Gold inches down as rate hike views take sheen off

Updated : August 30, 2018 10:00 AM IST

Spot gold was down 0.2 percent at $1,203.86 an ounce at 0329 GMT, after rising nearly 0.5 percent in the previous session.
Data showing a higher-than-expected annualised growth in second-quarter US gross domestic product cemented expectations for a rate hike next month, with a 96 percent probability, according to Fed funds futures.
Gold prices are heading for a fifth straight monthly fall, which would make it the precious metal's longest losing streak since early 2013. The metal has declined about 7.4 percent so far this year amid international trade disputes and the Turkish currency crisis, with investors preferring the dollar as a safe haven.
Gold inches down as rate hike views take sheen off

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