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Commodities – Gold Prices Set for Weekly Loss as Safe-Haven Demand Fades – Investing.com

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© Reuters. Gold is poised to snap a three-week winning streak on Friday© Reuters. Gold is poised to snap a three-week winning streak on Friday

Investing.com – Gold prices fell as investors shrugged off a rise in geopolitical uncertainty that followed after North Korea launched a missile over Japan on Friday while growing expectations that the Federal Reserve will hike rates later this year kept the precious metal on track for a weekly loss.

for December delivery on the Comex division of the New York Mercantile Exchange fell by $2.91, or 0.22%, to $1,326.39 a troy ounce.

A day after data showing inflation rose to its highest in seven months fuelling expectations of a December rate hike, gold prices remained on track to snap three-week winning streak. Losses, however, were limited by weak U.S. economic data.

The Commerce Department said on Friday dipped 0.2% last month, missing expectations of a 0.1% rise. A duo of reports on manufacturing and consumer sentiment followed the weaker-than-expected retail sales data.

The New York Empire State Manufacturing Survey to 24.4 for September from 25.2 previously, although this was significantly above consensus expectations of 19.0.

The , a survey of consumers by The University of Michigan, fell to 95.3 in September but handily topped expectations.

According to investing.com’s , more than 50% of traders expect the Fed to hike rates in December.

Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.

In other precious metal trade, fell 0.19% to $17.70 a troy ounce while lost 0.87% to $972.40.

traded at $2.95, down 0.22%, while fell by 1.66% to $3.02.

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