Gold extends losses in the biggest monthly drop in two years
Gold extends losses in the biggest monthly drop in two years 2015/11/30
{International: Euphrates News} and gold continued its losses on Monday, falling to its lowest level in nearly six years and is heading to record the biggest monthly drop in two and a half year due to the likelihood of raising US interest rates.
It lost its luster yellow metal as investors ready for the first increase in US interest rates for nearly ten years, and is expected to raise the Federal Reserve is the US central bank {} interest rates at its next meeting to be held on 15 and December 16 / December.
Investors believe that the demand for gold, which does not generate interest would fall due to a stronger dollar and higher interest rates.
The inn Spot gold 0.2 percent to $ 1055.60 an ounce ounce} {by at 06:56 GMT. It fell to 1052.70 earlier in the session to close to the level of $ 1052.46 reached by Friday, the lowest since February 2010.
The yellow metal has lost about 7.5 percent of its value since the beginning of November, the biggest monthly decline since June 2013.
And prevented the dollar's strength also without any increase in the price of gold.
The dollar jumped to its highest level in eight months against a basket of major currencies on Monday. The rise in the dollar leads to increased cost of gold denominated in US currency to holders of other currencies.
Among other precious metals silver is heading to record its worst monthly performance in down close to ten percent.
The platinum group is the worst performer among precious metals in November.
Palladium fell 20 percent this month, while platinum fell 16 percent, the biggest monthly decline in two to four years.
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