Gold edges lower as aggressive rate cut views fizzle

From reuters.com

Gold prices edged lower on Monday as increasing expectations that the U.S. Federal Reserve will not aggressively cut interest rates later this month boosted the dollar, making gold expensive for holders of other currencies. Spot gold fell 0.2% to $1,396.56 per ounce at 01:44 p.m. EDT (1744 GMT). U.S. gold futures settled at $1,400 per ounce. “With the strong jobs report the bets on 50 basis point rate cuts have dropped from almost 30% to 2%. The fact is that the runaway projections of interest rate declines are not going to happen and that’s what is hurting gold,” INTL FCStone analyst Edward Meir said. Stronger ... (full story)