MANTHANTIPS:- Gold remains flat despite mounting expectations for a 2016 Fed rate hike
Gold inched down on Monday, amid a moderately stronger dollar, as investors continued to stake their bets on a 2016 interest rate hike from the Federal Reserve following a robust U.S. monthly jobs report at the end of last week. On the Comex division of the New York Mercantile Exchange, Gold for December delivery traded between $1,335.35 and $1,343.85 an ounce before settling at $1,341.35, down 3.05 or 0.23% on the session. During last Friday’s session, Gold plunged more than $20 an ounce or 1.65% after the U.S. Department of Labor said the economy added 255,000 nonfarm payrolls in July, marking the second consecutive month of dramatic gains throughout the improving labor market. Nevertheless, the precious metal is still up by more than 5% since the U.K.’s decision to leave the European Union on June 24 and has jumped in value by more than 25% year to date. In early-July, Gold eclipsed $1,370 an ounce to hit a fresh 28-month high. Gold likely gained support at $1,313.80, the low from July 25 and was met with resistance at $1,391.40, the high from March 14, 2014.