Gold price goes lower

Singapore (Nov 26)  Gold fell 1 percent to its lowest in 9-1/2 months in Asian trade on Friday, heading for a third consecutive weekly decline, on expectations of a Federal Reserve rate hike and as the dollar extended its bull run against the yen.

Spot gold was down 0.4 percent at $1,178.64 an ounce by 0604 GMT. Earlier in the session, the metal dropped 1 percent to mark its lowest since Feb. 8 at $1,171.21 per ounce. U.S. gold futures fell about 1 percent to $1,177.9 per ounce, after dipping earlier to its lowest since Feb. 5 at $1,170.30 per ounce.

The dollar rose to an eight-month high against the yen on Friday as U.S. bond yields resumed their rise in Asia after the Thanksgiving break shut markets in the United States.

The 10-year U.S. Treasury note yield rose about 5 basis points to 2.405 percent from the previous close on Wednesday.

Source: TheNews