KONTAN.CO.ID - NEW YORK. Gold slipped on Monday as dollar strengthened on bets the Federal Reserve would not put off stimulus tapering, but stagflation expectations limited losses in the bullion that is perceived as a hedge against inflation. Spot gold was last down 0.1% to $1,755.81 per ounce by 10:46 a.m. EDT (1446 GMT), while U.S. gold futures rose 0.1% to $1,758.50. Support for gold "could be coming from some people thinking we have some stagflation at the moment, which is when gold is at its best, as inflation goes higher," said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.
Gold slips on dollar strength as Fed taper looms
KONTAN.CO.ID - NEW YORK. Gold slipped on Monday as dollar strengthened on bets the Federal Reserve would not put off stimulus tapering, but stagflation expectations limited losses in the bullion that is perceived as a hedge against inflation. Spot gold was last down 0.1% to $1,755.81 per ounce by 10:46 a.m. EDT (1446 GMT), while U.S. gold futures rose 0.1% to $1,758.50. Support for gold "could be coming from some people thinking we have some stagflation at the moment, which is when gold is at its best, as inflation goes higher," said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.