Gold fell, trading near a five-year low, as Goldman Sachs Group Inc. said rising U.S. interest rates may lead to deeper losses.
Reports
this week may show U.S. manufacturing expanded and payrolls increased,
after the Federal Reserve signaled that it will probably raise borrowing
costs this year as the labor market improves. Goldman in a report
Monday reiterated that prices may fall below $1,000 an ounce, signaling a
drop of about 9 percent.
Futures
for December delivery fell 0.3 percent to $1,091.60 by 8:21 a.m. on the
Comex in New York. The metal closed at a five-year low of $1,086 on
July 24. Bullion for immediate delivery lost 0.4 percent to $1,091.53 in
London, according to Bloomberg generic pricing.
Gold
has fallen for the past six weeks in London, the longest run in a
decade, as traders turned their back on the metal amid muted inflation
and a resilient American economy. U.S. reports this week include
manufacturing on Monday, factory orders Tuesday and the jobs data from
the Labor Department on Friday.
The Fed, which has kept rates near zero since 2008, ends its next meeting Sept. 17.
After
becoming bearish on gold for the first time since the U.S. government
data begin in 2006, hedge funds and other money managers held a
net-short position of 11,334 contracts as of July 28, according to
Commodity Futures Trading Commission data. Investors are holding the
least through bullion-backed exchange-traded products since 2009.
Silver
futures declined 0.6 percent to $14.65 an ounce in New York. Platinum
retreated 0.7 percent to $978 an ounce, while palladium gained 1 percent
to $617.20 an ounce.
Source: Bloomberg
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