Global Gold Prices Modestly Ticked Higher After Fischer Comments

Global Gold Prices Modestly Ticked Higher After Fischer Comments

Prices of gold futures modestly marked higher on Monday worldwide, after Fed’s Governor Stanley Fischer, said the Fed is concerned about inflation low and will not start raising rates before inflation seen returning to more normal levels.

Fischer adds that much of the fall in inflation is temporary and is concerned with the fall in the price of oil and raw materials.

The yellow metal dropped for the seventh consecutive week in the past week, the longest such retreat since 1999, after struggling to move away from a channel 5-1 / 2 years $ 1.077 reached during a loss by the end of July.

On the New York at Comex Gold futures for December delivery modestly marked up 80 cents, or 0.08%, to trade at $1,094.90 a troy ounce, whereas Spot gold prices were up 0.3 per cent at $1,096.10 an ounce.

The Labor Department said that the US economy added 215,000 jobs, slightly below forecasts for an increase of 223,000, but it still consistent with a vigorous employment growth last month.

The jobless rate stayed unchanged at seven-year low of 5.3%, in line with expectations.

Hourly wages, a component of the jobs report that the Fed has said it must rise, marking 0.2%, also matching forecasts after relocating in the previous month.

The data did little to alter expectations of a rate increase in September by the Federal Reserve, but tempered speculation for many hikes before the end of the year.

The US dollar index, which measures the strength of the greenback versus a trade-weighted basket of six major currencies, rose 0.15% to 97.82 early Monday near three-month highs of 98.42 last week.

Holdings of SPDR Gold Trust, slipped further, hitting 21.47 million ounces on Friday, the lowest since September 2008.

At the Multi Commodity Exchange gold futures for December delivery were up down marginally at Rs 25090 on Monday.

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