Gold futures prices gain as dollar eases against yen but US rate hike fears weigh

Gold futures prices gain as dollar eases against yen but US rate hike fears weigh

Gold futures is currently trading higher on Tuesday as the dollar eased against the yen. Gold yielded some of its gains overnight on a stronger US dollar and is concerned that the Federal Reserve may soon raise the interest rates in the United States.

The prices of gold rose on Monday on expectations of central banks of China, Japan and Europe will have to implement further stimulus to spur growth.

On the Comex, New York Mercantile Exchange, Gold futures February delivery was traded at $ 1,203.80 a troy ounce, up 0.08%.

The dollar had a lift as Fed policy makers were actively considering dropping a guarantee that the interest rates would stay short term near zero for an “considerable amount of time”.

The step might be taken at the FOMC meeting next week, the report said.

Higher rates is reduced bullion demand as non-interest bearing.

Spot gold had crept 0.2 percent to $ 1,200.60 an ounce in Singapore. And leapt 1 percent on Monday on technical buying after the dollar eased from a high of more than five years.

The expectations of increased incentive assembled after previously published data showed that China’s commercial activity was weaker than expected in November, while Japan’s economy was contracted over results reported in the third quarter.

China’s exports rose 4.7% from a year earlier last month, expectations of a 7.9% increase missing, while imports fell 6.7%, compared with forecasts of increased 3.5%.

In the domestic market by 0.5 per cent growth in MCX Gold-Silver are seeing. Gold is trading close to Rs 26,500.

 

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