Equity world-Gold prices slipped in late trading on Thursday morning (01/12), adding to the deepest monthly loss in more than three years to erode the strong US economic data supported the dollar and the strengthening expectations of US rate hike in December.
US private employers hired in November than were expected and consumer spending increased last month, giving more ammunition for the Federal Reserve to hike interest rates.
Increased Data Adp Employment Change November helped the US dollar rose half a percent against a basket of major currencies after last week touched its highest level for nearly 14 years.
LLG Spot gold prices fell 1.1 percent to $ 1,174.96 per ounce, while the price of US gold futures for December delivery ended at $ 1,170.80.
Gold has tumbled nearly 8 percent in November, the biggest monthly decline since June 2013, pressured by a rally in the US dollar surging Treasury yields as investors believed the policies of President elect Donald Trump will increase faster inflation.
In other metals, silver fell 0.7 percent to $ 16.48 per ounce, while platinum slid 0.8 percent to $ 910.
Palladium rose to an intraday high of $ 772.70 an ounce, its strongest since June 2015, held gains to $ 770.25, up 1.3 percent. Palladium has increased by more than 23 percent this month, its best since February 2008, beating other metals.
Analyst Equity world Research Center estimates that the price of gold at the next trade could potentially move to the strengthening US dollar is weak. Prices are expected to move in the range of $ 1,173- $ 1.171 Support, whereas if the price rises will move in the range of $ 1,177- $ 1.179 Resistance.