Gold slips as equities and dollar surge ahead of Fed meeting

Reuters/Maytaal Angel/09-18-17

Gold hit a 2-1/2 week low on Monday as the dollar rose ahead of a two day Federal Reserve meeting and global equities surged.

The dollar hit an eight week high against the yen as data showing a pick up in U.S. consumer prices increased bets the Fed could raise interest rates again in December.

…”Gold could fall below $1,300 in the short term, but the question remains how people perceive the U.S. economy and the need for higher interest rates,” said Ole Hansen, head of commodity strategy at Saxo Bank.

PG View: The dollar is only “surging” against the yen, the dollar index is actually lower on the day.

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