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.
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
THANK YOU! You made our day. See you every morning
YOUR EMAIL IS ON ITS WAY. Check your inbox for future updates.
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more