Gold slips as dollar firms on speculation over Fed chief

Reuters/Zandi Shabalala/10-18-17

Gold fell for a third straight session on Wednesday on pressure from a firmer dollar amid speculation that the next chair of the U.S. Federal Reserve could be a policy hawk.

“Interest rate hikes had not been fully priced in for next year. That has changed massively following speculation that (Fed Governor Jerome) Powell might become the next chairman,” said Commerzbank analyst Carsten Fritsch.

…”With dollar strength in mind, it would present further risks to gold, but I’m waiting to see how the Catalonia crisis unfolds tomorrow, pinpointing a possible next move for gold, in either direction,” said Jameel Ahmad, vice president of market research at FXTM.

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