Gold Steady Above $1215 Despite U.S. Dollar’s Strength

Gold traded near the lowest level in almost nine months as the dollar rose to a four-year high amid prospects of higher borrowing costs as the U.S. economy improves. Platinum traded near a 15-month low.

Bullion for immediate delivery fell as much as 0.2 percent to $1,216.02 an ounce, and traded at $1,218.86 at 8:48 a.m. in Singapore, according to Bloomberg generic pricing. The metal has declined 5.3 percent this month, after dropping on Sept. 25 to $1,207.04, the lowest level since Jan. 2 and within 0.5 percent of erasing this year’s gains.

Gold is heading for the first quarterly loss this year as the Bloomberg Dollar Spot Index climbed 6.4 percent. A report today may show U.S. personal spending expanded in August after data last week showed the world’s largest economy grew the most since 2011 in the second quarter. Consumer spending accounts for about 70 percent of gross domestic product.

Bloomberg

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