Gold prices drop in Asia amid stronger greenback

21 October, 2016

On Friday, gold dropped during Asia trade amid a strengthening greenback as well as surging chances of a rate hike weighing on the hedge commodity.

In New York, December delivery gold futures dived 0.16%, reaching $1,265.50 per troy ounce.

Additionally, December delivery silver futures sagged 0.46%, trading at $17.468 per troy ounce, whileВ copper futuresВ tumbled 0.10%, being worth $2.093 a pound.

Overnight, gold traded close to two-week peaks, after the ECB indicated that it would wait until December just to discuss tapering its asset purchase program, or the probable horizon at which stimulus might end, thus supporting the US dollar.

ECB President Mario Draghi pointed out that an adjustment to the stimulus program could arise in December.

The ECB left its interest rates across the euro zone intact at record minimums of zero on Thursday and also kept the deposit facility rate at about-0.4%.

Meanwhile, market participants kept mulling over the prospects for a December rate lift by the Federal Reserve.


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