Gold fell 1 per cent on Monday, starting the last quarter of the year languishing near seven-month lows as a stronger US dollar and prospects of interest rates staying higher for longer eroded bullion's appeal, reports Reuters.
Spot gold was down 0.7 per cent by 1137 GMT to $1,835.40 per ounce, its lowest since March 10. US gold futures slipped 0.7 per cent to $1,852.40.
The dollar was up 0.2 per cent, holding near a 10-month high against its rivals and making gold more expensive for other currency holders.
"The main topic pulling down the gold price is related to the fact that markets are realizing that interest rate will remain high for a long time," said Carlo Alberto De Casa, market analyst at Kinesis Money.
"I see the possibility for gold to remain under pressure in the short term... there could be space for further declines up to $1,800 per ounce."
Spot silver slid 2.1 per cent to a more-than-six-month-low of $21.70 per ounce, while platinum fell 0.7 per cent to $898.23 and palladium dipped 1.2 per cent to $1,230.45.
Gold at 7-month low on surging dollar
FE Team | Published: October 02, 2023 21:47:07
Gold at 7-month low on surging dollar
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