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Gold drops to lowest in nearly 7 weeks; stronger dollar, equities drag

US gold futures for December delivery shed 0.5% to $1,277.80


Gold slipped to its lowest in nearly seven weeks early on Monday as the US dollar rose and equities gained, while growing expectations for a Federal Reserve interest rate hike in December also added to pressure. Spot gold was down 0.3 per cent at $1,274.90 an ounce by 0353 GMT, after earlier touching its lowest since mid-August at $1,273.55. US gold futures for December delivery shed 0.5 per cent to $1,277.80. The metal recorded its biggest monthly decline so far this year in September, despite netting a quarterly rise of nearly 3 per cent partly due to geopolitical tensions ...

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First Published: Mon, October 02 2017. 16:39 IST