(MENAFN- Khaleej Times) Gold edged lower early Monday as the dollar firmed after upbeat US economic data strengthened the prospect of further interest rate hikes by the Federal Reserve.
in Dubai are Dh153.75 for 24-karat and 22-karat can be bought for Dh144.50.
Spot gold was down 0.2 per cent at $1,267.01 perounce at 0107 GMT. On Friday, it fell 0.5 per cent and touched a one-week low of $1,265.16.
US gold futures for December delivery dipped 0.1 per cent to $1,267.70. Asian shares hovered near decade highs, while the US. The dollar was close to a three-and-half month high against a basket of currencies on Monday.
US President Donald Trump ramped up his tough rhetoricagainst North Korea when he arrived in Japan on Sunday, saying the United States and its allies are prepared to defend freedom and "no dictator" should underestimate US resolve.
US job growth accelerated in October after hurricane-related disruptions in the prior month, but wages grewat their slowest annual pace in more than 1-1/2 years in a sign that inflation probably will remain benign.
JPMorgan Chase & Co on Friday raised its forecast on the number of US interest rate increases by the Federal Reserve next year to four from three as the October payrolls data reinforced the view of a tightening domestic labor market.
US House of Representatives Speaker Paul Ryan said on Sunday that Republican lawmakers are weighing a "host of ideas" as the House tax-writing committee begins revising a tax bill this week, though he expects the broad outlines to remain the same.
Demand for physical gold was lacklustre in top consumersIndia and China last week. The lure of the metal remained stable in Singapore, but India's peak wedding season is expected to usher in renewed interest for bullion in coming weeks.
Embattled London and Johannesburg-listed platinum producer Lonmin, will unveil new health and roadprojects in South Africa on Monday in a ceremony that will be overshadowed by its latest share price collapse.
Holdings in SPDR Gold Trust, the world's largestgold-backed exchange-traded fund, fell 0.03 per cent to 845.75 tonnes on Friday.
Hedge funds and money managers reduced their net longposition in COMEX gold contracts for the seventh straight week,in the week to Oct. 31, US Commodity Futures Trading Commission (CFTC) data showed on Friday.
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