Gold knocked by dollar’s rebound

NEW YORK: Gold prices eased in choppy trading on Thursday as a rise in the US dollar offset support for the precious metal from expectations that the Federal Reserve will slow its interest rate hikes after November.

Spot gold fell 0.4% to $1,657.74 per ounce by 12:50 p.m. ET (1650 GMT), while US gold futures dropped 0.5% to $1,661.60.

“Gold seems to be focused on the dollar and technicals here, along with an element of profit taking from yesterday,” said Bart Melek, head of commodity strategy at TD Securities.

The dollar rose 0.7% against its rivals after dropping to a more than one-month low in the last session, making bullion less attractive for overseas buyers.