Gold futures prices fell off at $1,190 on firm dollar as U.S. rate hike bets intact

Gold futures prices fell off at $1,190 on firm dollar as U.S. rate hike bets intact

On the Comex, gold futures for June delivery hit a session low of $1,183.70 a troy ounce. Image Source:

Gold futures prices came off the lowest levels of the session on Tuesday, as a firmer dollar and stronger European shares dragged prices at $1,190.30 during U.S. morning hours.

Spot gold was down 0.6 percent at $1,191.63 an ounce in earlier trade in London. On the Comex, gold futures for June delivery hit a session low of $1,183.70 a troy ounce, the weakest level since April 1, before trading at $1,190.30 during U.S. morning hours.

The dollar index .DXY was up 0.1 percent, while the pan-European FTSEurofirst 300 index .FTEU3 , steadied after hitting its highest level since 2000 in earlier trade.

The United States Department of Commerce, said retail sales rose 0.9% in March, disappointing expectations for a gain of 1.0%. Underlying retail sales, which exclude auto sales, rose 0.4% in March, which left for an increase of 0.6% forecast.

A separate data showed farmgate prices rose 0.2% last month, in line with expectations, while the rate of core producer prices fell by 0.2% last month, compared with forecasts an increase of 0.1%.

A disappointing data brought emerging concerns over the strength of the economy, fueling uncertainty about when to a rate hike.

Recent remarks of Fed policy makers suggest that the central bank of the United States has not ruled out the possibility of increasing interest rates in June, even as some analysts doubt that possibility amid signs of renewed economic weakness.

Bombay Stock Exchange (BSE), National Stock Exchange (NSE), forex, money and commodity markets was closed today on account of ‘Ambedkar Jayanti.

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