Gold falls to 7-week low as rate hike expectations rise

Reuters/Peter Hobson/10-03-17

Gold fell to its lowest in seven weeks on Tuesday after strong U.S. economic data reinforced expectations of another interest rate rise in the United States this year and pushed the dollar and U.S. bond yields higher.

The CME’s Fedwatch indicator showed markets were pricing in a 77 percent likelihood of a December rate rise after Monday’s data showed a surge in U.S. manufacturing activity.

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