Gold Set to Close Below 50-Day Average for First Time Since July
- Dollar strengthened as Treasury yields rose, hurting gold
- Traders wager a 73% probability Fed will hike by December
Three Charts Show How Gold Hit $1,300
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Gold is set to close below the 50-day moving average for the first time since July amid increasing expectations that the Federal Reserve will boost U.S. interest rates by year-end.
Bullion extended losses after a report Wednesday showed U.S. durable goods increased more than forecast in August. An index of 15 gold-mining companies tracked by Bloomberg headed for a second straight loss, led by Sibanye-Stillwater and Randgold Resources Ltd. The metal is down more than 5 percent from a one-year high in early September.