Gold futures falls to 1-week lows as US rate hike woes surface

Gold futures falls to 1-week lows as US rate hike woes surface

Gold futures edge fell to one-week lows on Monday, reversing all earnings of the previous week, as investors looked ahead to the outcome of the forthcoming session of the Federal Reserve later in the week.

The Fed follows a policy meeting this week and has recent series of data which points to a strong economy could exacerbate if the central bank to adopt a tougher stance.

The most recent evidenced came optimistic on Friday when the index of consumer confidence, Thomson Reuters / University of Michigan rose to a near eight years in December.

On the Comex, gold futures for February delivery was down 0.82% to $ 1212.50, the lowest since December 9 from $ 1.222.60 Friday night.

Spot gold was down 0.3 percent at $1,218.80 an ounce. The metal climbed 2.6 percent last week, its largest such rise since October.

At MCX gold by 0.25 per cent weakness is trading around Rs 27,150.

FOMC is hoped that the releases a statement by the end of its two-day meeting on Wednesday, the latest in the year, followed by a press conference by Fed President Janet Yellen.

The market sentiment was hit by worries over the financial impact of the continuing loss of oil prices and its effects on energy firms. Endpoint data last week showing other signs of a slowdown in China added to fears over the global economic landscape.

Concerns about the the euro zone economy and stagnant prospects for a political crisis in Greece also fueled widespread risk aversion, after a surprise decision by the governance to carry forward a parliamentary vote the Presidency this week.

 

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