Gold dips to 1-week minimum amid growing Fed rate hike bets

On Tuesday, gold prices tumbled to a one-week minimum during European trade amid surging expectations of an American interest rate surge by the end of 2016.  

In New York, December delivery gold futures sagged to a session minimum of $1,336.70 per troy ounce, the weakest reading since July 29. Last, it was worth $1,337.15 per ounce, down 0.31%.

Yesterday, gold tumbled 0.23%, after the latest American employment report spurred expectations for faster economic growth and also revived speculation that the Federal Reserve is going to increase interest rates this year.

For the year, the most popular precious metal is up almost 26%, mostly driven by concerns over global growth as well as expectations of monetary stimulus.

Aside from that, September delivery silver futures lost 0.67%, being worth $19.67 per troy ounce during morning hours in London. Meanwhile copper futures tumbled 0.88%, trading at $2.146 a pound.

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