Gold prices could fall below 1,800 analyst
Silver falls over 3

Oct 2 Reuters Gold extended its decline for the sixth straight session on Monday to hit a near sevenmonth trough, as a robust dollar and prospects of higher U.S. interest rates took the shine off bullion.

Spot gold was down 0.8 by 954 a.m. EDT 1354 GMT at 1,835.40 per ounce, its lowest since March 10. U.S. gold futures slipped 0.7 to 1,853.00.

There is a reckoning that interest rates are going to be higher for much longer, which has been the bearish element in the precious market. Gold prices could go below 1,800 in the nearterm, said Jim Wyckoff, senior analyst at Kitco Metals.

Trends in the currency markets tend to be stronger and longer lasting. The appreciation of the U.S. dollar may not end anytime soon, pressuring the gold market.

The U.S. dollar rose 0.4, making bullion less attractive to other currency holders.

Traders are pricing in a 55 chance that the Federal Reserve will leave interest rates at the current range of 5.255.50 this year, according to CME39;s FedWatch tool.

Since powering above the key 2,000perounce level in early May, gold prices have fallen more than 11, or 230, pressured by a sharp rise in benchmark U.S. Treasury yields, which makes the nonyielding gold less attractive.

The market focus now shifts to Fed Chair Jerome Powell39;s speech later in the day as well as on job openings data, private hiring numbers and U.S. nonfarm payrolls over the course of the week.

Spot…