Gold nears 10-month low

By
Wednesday, November 30, 2016

Gold fell to its lowest point in nearly 10 months Wednesday under pressure from a stronger US dollar and stocks.

The yellow metal ended US$8.45 lower at US$1,178.10/oz in London, its first sub-US$1,180/oz close since February 5, and down from a nine-month low of US$1,185.35/oz on November 23.

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Meanwhile, the US dollar recouped its recent losses, trading up about half a cent to around 94.5 euro cents.

"A strong US dollar, generally upbeat trader and investor optimism recently, and bearish technicals continue to pressure the yellow metal," Kitco's Jim Wyckoff said.

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Gold has suffered from dollar strength, increased expectations over a December interest rate hike and rising US bond yields since Donald Trump's election victory, with analysts divided over the metal's prospects in 2017.

Silver ended Wednesday 13 cents higher at US$16.67/oz.