Gold Prices Falls Again on Panic Selling Amid Global Gloom; Trades Below $1,090

Gold Prices Falls Again on Panic Selling Amid Global Gloom; Trades Below $1,090

Gold futures prices dropped below the psychological level $1,090 for the 10th consecutive session on Wednesday on the back of heavy unwinding by stockists profits amid growing prospects the Fed was on track to hike interest rates later end of this year.

On the Comex Gold futures delivery in August decline to an intraday low of $1,086.10 a troy ounce before trading at $1,088.30.

The prices of gold have been under heavy selling pressure over recent weeks amid speculation that the Federal would hike the interest rates for the first time in eight years from September.

Gold, which produces nothing consuming and costly investment to hold, is seen as a less attractive in times of soaring interest rates.

The US dollar index measuring the strength of the greenback against on a weighted basket of six main currencies, was last at 97.72, not far from the maximum of three months from 98.30 late Tuesday.

The dollar stayed in demand amid mounting bets that a rate hike is coming in September.

Meanwhile, at the domestic bullion hub, gold also fell below the psychological mark of Rs 25,000 – the lowest level in 4-years at the end of morning trade on the back of heavy annulment by wholesalers and speculators. Analysts are saying the slide, which recently, mainly attributed to global spillover, where broad-based products bore the brunt of investor panic selling amid a flash-crash worldwide.

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