RTTN: Gold Drops As Dollar Holds Close To Near-Term Highs
Gold prices fell in early Monday morning trading as the dollar remained near a 10-day high against the euro, reducing the metal's value as a hedge investment.
August gold fell to $947.50 per ounce, down $10.20 on the session. The more-actively traded December gold dropped $10.70 to $948.80.
The dollar remained in a range against the dollar near its highest levels of August. Last week, the buck had reached a 7 1/2-month low. The greenback also climbed to a 10-day best versus the pound.
The Federal Open Market Committee's interest rate decision is due on Wednesday afternoon. The Fed is expected to leave rates in the current range of 0 to 0.25%, although the monetary policy is expected to be eased in the not-so-distant future.
There is no major economic news on today's calendar. Non-farm productivity and wholesale sales data headlines tomorrow's agenda.
In other metal trading, silver fell 30.8 cents to $14.36 an ounce while copper gained 2.1 cents to $2.8065.
Gold prices finished last week up $2.80 per ounce amid choppy trading. The metal reached a two-month high above $970 earlier in the week.
by RTT Staff Writer
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