© Reuters. Gold remains broadly under pressure amid U.S. rate hike talk Investing.com – Gold prices slipped lower in European morning hours on Friday, hovering close to a 6-year trough as growing expectations for a U.S. rate hike next month continued to support demand for the dollar.
On the Comex division of the New York Mercantile Exchange, for December delivery were down 0.25% at $ 1,067.40.
Futures were likely to find support at $ 1,064.00, the low from November 18 and a six-year low and resistance at $ 1,079.40, the high from November 24.
The greenback remained broadly supported after a string of upbeat U.S. data released over the week added to expectations that the Federal Reserve will raise interest rates next month.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 99.81, just below Wednesday’s eight-month peak of 100.21.
Gold futures are down more than 6% so far in November amid expectations for a December liftoff in U.S. interest rates.
Expectations of higher borrowing rates is considered bearish for gold, as the precious metal struggles to compete with yield-bearing assets when rates are on the rise.
Elsewhere in metals trading, for December delivery dropped 0.44% to $ 14.095 a troy ounce, while for March delivery slid 0.30% to $ 2.084 a pound.
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Gold slips near 6-year lows on stronger greenback
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