Gold Finally Gives Up $1,200 as U.S. Data Delivers Knockout Blow
- ETF holdings heading for biggest monthly slide in three years
- Assets have contracted for nine days as U.S. rates seen rising
What's Driving the Rally in Commodities?
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Gold futures fell below $1,200 an ounce for the first time since February as the Federal Reserve prepares to hike interest rates, U.S. stocks notch up records and Donald Trump gets ready to take office.
Investors are exiting gold amid expectations President-elect Trump will bolster spending, helping push the odds for a rate increase next month to 100 percent and boosting the dollar. Major U.S. stock benchmarks rallied to records on Tuesday, and a report Wednesday showed orders for U.S. business equipment climbed in October for the fourth time in five months.