Gold fell for a sixth straight day, the longest losing run in more than 13 months, on the prospect of a higher-for-longer global interest-rate scenario.
Bullion fell 4% last week as a drop below $1,900 an ounce triggered outflows from exchange-traded funds, with investors cutting bullish gold bets to a five-week low on Friday. A surge in bond yields from the US to Germany and Japan is weighing on the precious metal, which doesn’t offer any interest.
Wider financial markets breathed a sigh of relief after a government shutdown in the US was averted over the weekend, with a compromise deal that runs until Nov. 17.
Spot gold dipped 0.3% to $1,843.84 an ounce as of 7:30 a.m. in London. The Bloomberg Dollar Spot Index climbed 0.1% after rising 0.6% last week. Silver and palladium fell, while platinum was steady.
Source : Bloomberg
