Gold hovers near 2-month low on strong dollar, Fed rate cut uncertainty

economictimes.indiatimes.com:

Gold prices were flat on Thursday after hitting a two-month low earlier, pressured by a stronger U.S. dollar and uncertainty regarding the pace of the Federal Reserve's interest rate cuts.

FUNDAMENTALS

* Spot gold was flat at $2,573.73 per ounce, as of 0026 GMT, after hitting its lowest level since Sept. 19 earlier in the session. U.S. gold futures fell 0.3% at $2,578.00.

* The U.S. dollar traded near 1-year highs, making greenback priced-commodities less attractive for buyers holding other currencies.

* Data on Wednesday showed that U.S. consumer prices increased as expected in October, and progress toward low inflation has slowed in recent months, which could result in fewer interest rate cuts from the Fed next year.

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