Gold futures edges higher for a second session but U.S. rate hike outlook caps gains

Gold futures edges higher for a second session but U.S. rate hike outlook caps gains

Prices of gold futures gained second straight day on Tuesday as the dollar kept falling Monday. But gains were capped on speculation that the Federal Reserve may raise interest rates back in September.

Bullion for immediate delivery added 0.7 percent to $1,181.97 an ounce at noon in London. On the Comex, gold futures delivery in August tacked on $1.90, or 0.16%, to trade at $1,175.50 a troy ounce.

The dollar index, which measures fortress of the greenback against a trade-weighted basket of six major currencies, was at 95.30, moving away from overnight lows of 94.86.

The greenback remained supported amid mounting expectations for a rate hike the Fed end of this year.

Analysts are expecting the reports this week for adding to the evidence that the US economy is growing stronger, reinforcing the case for Fed President Janet Yellen and his board to raise borrowing costs. Consumer prices rose 1.2 percent in May after stagnating in April, according to the median estimate in a Bloomberg survey of 82 Analyst and Economists. Is also envisaged an index of the producer price due to rise on Friday.

The home currency closed stronger against US dollar at 63.93. At intra-day, the local currency opened at 63.98 per dollar and touched a high of 63.86, tracking gains in the Asian currency market

Amid taking firm cues on the global market, gold prices on MCX were trading with marginal gain on Tuesday. MCX Gold for delivery in October contract was trading at Rs 27073 up Rs 50, or 0.19 percent.

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