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HomeCommodity NewsGold Prices Slump as Dollar Rallies

Gold Prices Slump as Dollar Rallies – Gold prices were lower on Monday as the greenback continued to rise on expectations of a Federal Reserve rate increase in December.

Comex gold futures for December delivery fell 1.27% to $1,190.30 a troy ounce as of 10:05 AM ET (14:05 GMT),.

The precious metal was pushed lower after the jobs report on Friday increased expectations that the Fed will raise rates.

The U.S. economy created less jobs than expected in September, but unemployment reached a 48-year low, indicating the economy was at full-employment.

Gold usually falls as the dollar rises, as it is denominated in the U.S. currency and is sensitive to moves in the dollar. Bullion becomes more expensive for holders of other currencies when the dollar rises and cheaper when it falls.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, increased 0.23% to 95.53.

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