Gold remained near its
five-year low after minutes from the Federal Reserve’s last meeting
reinforced the outlook for an interest-rate increase next month.
Bullion for immediate
delivery rose 0.3 percent to $1,073.75 at 8:18 a.m. in Singapore,
according to Bloomberg generic pricing. The metal tumbled to $1,064.55
on Wednesday, the lowest since February 2010.
Gold is headed for a
third annual loss on rising expectations that U.S. growth will lead
policy makers to raise borrowing costs, curbing the appeal of gold
because it doesn’t pay interest. In the statement following their
October meeting, Fed policy makers made it clear that they’d consider a
rate rise at their next meeting over Dec. 15-16. Central bankers
stressed that “it may well become appropriate” to raise the benchmark
lending rate in December, according to the minutes released Wednesday.
The Bloomberg Dollar
Spot Index, which tracks the greenback versus 10 peers, retreated 0.2
percent on Thursday after reaching the highest level in more than a
decade the previous day. Bullion, which tends to move counter to the
dollar, is 9.2 percent lower in 2015 versus a dollar gain of 9.1
percent.
Source: Bloomberg
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