Gold struggles to drift away from 4-month minimums
On Tuesday, gold was marginally higher during European trading session, though the number one precious commodity struggled to drift away from the previous week's four-month minimums amid indications that the Fed’s geared up to raising interest rates in the coming months.
In New York, December delivery gold futures rose 0.12%, trading at $1,262.05 per troy ounce. Yesterday, the most popular precious metal ascended 0.68%, as traders got back to the market, looking for cheap valuations after futures faced their worst one-week trading since September 2013.
On Friday, gold tumbled to $1,243.20, a value, which hasn’t been observed since June 7, as a weaker-than-expected jobs report didn’t appear to be enough to derail hopes for a rate lift from the Fed before the end of the year.
Markets are currently pricing in approximately a 74% probability of a rate lift at December's gathering.
Gold turns to be very sensitive to moves in American interest rates.