Gold futures drop on dollar climbs, U.S. midyear rate hike

Gold futures drop on dollar climbs, U.S. midyear rate hike

Fed meeting in March showed that several officials believe the economic picture are likely to warrant a rate hike in June. Image Source:

Gold futures prices were lower on Thursday after Federal Reserve minutes showed policy makers were split on the timing to raise interest rates. A midst of recent data pointing to a slowdown in economic growth.

On the Comex, gold futures for delivery in June were at $1,195.7, after falling to session lows of $1,192.6. Meanwhile, gold prices fell by 0.3 per cent to $1,198.97 an ounce in Singapore today.

Fed Guv Jerome Powell said he would be willing to start tightening policy despite the current low inflation rates, adding that the Fed could act in June if economic data within the next two months showed that the recovery remained on track.

Meanwhile, Fed meeting in March showed that several officials believe the economic picture are likely to warrant a rate hike in June.

While many others advocated an increase later this year or in 2016, according to the minutes. US jobless claims probably rose last week, economists said before a report from the Labor Department.

The greenback’s strength against a trade-weighted basket of six major currencies, was up 0.41% to 98.65.

At the Multi Commodity Exchange, gold for delivery in June dropped by Rs 150, or 0.56 per cent, to Rs 26,610 per 10 grams, as market participants reduced their exposures amid a weak global trend.

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