(Reuters) - Gold prices fell for a sixth straight session on Monday to hit their lowest in more than three weeks, weighed down by a robust dollar and expectations of further interest rate hikes from the U.S. Federal Reserve to tame surging inflation.
FUNDAMENTALS
* Spot gold was down 0.1% at $1,746.06 per ounce, as of 0131 GMT, after hitting its lowest since July 28 at $1,743.83 in early Asian trading. The metal lost nearly 3% last week.
* U.S. gold futures eased 0.2% to $1,758.80.
* The dollar rose 0.1% to a more one-month high against its rivals, making gold more expensive for buyers holding other currencies. [USD/]
* The Fed will raise rates by 50 basis points in September amid expectations inflation has peaked and growing recession worries, according to economists in a Reuters poll.
* Traders are now pricing in around a 46.5% chance of a 75-basis-point rate hike in September and a 53.5% chance of a 50-bp increase.
* The U.S. central bank needs to keep raising borrowing costs to bring high inflation under control, a string of its officials said last week.
* Gold is highly sensitive to rising U.S. interest rates, as these increase the opportunity cost of holding non-yielding bullion.
* Focus this week will be on comments by Fed Chair Jerome Powell when he addresses an annual global central banking conference in Jackson Hole, Wyoming, on Friday.
* SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.32% to 989.01 tonnes on Friday from 985.83 tonnes on Thursday. [GOL/ETF]
* Gold demand in India improved last week as domestic prices dropped to a more than two-week low, while volumes were sombre in other Asian centres. [GOL/AS]
* Spot silver gained 0.2% to $19.06 per ounce, platinum fell 0.3% to $893.38, and palladium rose 0.2% to $2,129.21.
(Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app