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Gold extends losses on US interest rate-hike fears
Gold prices extended losses on Monday on rising fears of a U.S. rate hike after a strong jobs report, while renewed hostilities in the Middle East pushed oil prices higher and fanned inflation concerns. Spot gold fell 0.2% to $4,319.09 per ounce by 0429 GMT. Prices fell about 3% on Friday, hitting the lowest since March 24. U.S. gold futures for August delivery were down 0.5% at $4,343.20. “It is all based on the hawkishness that the market has started to place on the Fed futures,” said Kelvin Wong, a senior market analyst at OANDA, adding that higher Treasury yields were further pressuring gold. The yield on the ... (full story)
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