Gold becomes cheaper breaking $ 1,300 and approaching the 24 June low, after strong manufacturing data from the United States and hawkish comments that strengthen expectations that the Fed will raise interest rates by year end.
The dollar index has nearly reached the two-week high.
Gold remained within the range of $ 1.300- $ 1.350 in the last six weeks, and traders are waiting for important US data this week.
“We are waiting for employment data on Friday, so that many will be cautious before, – said Afshin Nabavi, the MKS chief trader.
Although data on Monday showed growth in the US manufacturing activity in September, reinforced bets that the Fed will tighten at the December meeting of policy officials US central bank remained cautious.
The Fed probably will not be able to hike interest rates as aggressively as in previous times, said on Monday the president of the Federal Reserve Bank of New York William Dudley.
China’s markets are closed from 1 to 9 October for holidays.
The cost of December futures on COMEX fell to $ 1283.6 per ounce.
The post Gold fell sharply appeared first on forex-analytics.press.