Gold Rise But Upside Seen Limited As Strong US Data Fuels Fed Hike View

Gold Rise But Upside Seen Limited As Strong US Data Fuels Fed Hike View

Gold futures prices rose on Friday, but gains were expected to remain limited as upbeat U.S. economic data backed the case for a near-term increase in interest rates.

On the Comex, gold futures for December delivery were up 0.55% at $1,129.00.

Spot gold was up 0.4 per cent at $1,129.60 an ounce, but down almost 3 per cent for the week.

The prices of gold fallen under pressure after the DOC reported Thursday that gross domestic product grew at an annual rate of 3.7% in the three months ended June 30, above growth prospects 3.2%.

The preliminary data initially linked US growth at 2.3% in the second quarter. The US economy grew 0.6% in the previous quarter.

Furthermore, the Department of Labor of the United States said the number of individuals who filed for unemployment insurance in the week ending August 22 fell 6000-271000 total of 277,000 the previous week.

Analysts had expected initial unemployment claims to drop to 3000 to 274,000 last week.

Market participants now looked forward to US trade data, personal spending and consumer trust due later Friday amid ongoing speculation over a rate hike in September.

The metal touched a one week minimum of $ 1117.35 on Wednesday and has lost more than 3 percent since touching a maximum of seven weeks in the top 21 August.

The robust second-quarter GDP, along with the date of the last strong housing and manufacturing, are likely to push the Federal Reserve to raise interest rates next month, analysts said.

Taking positive cues from global markets, Gold for delivery in far-month December was up by Rs 209, or 0.79% to Rs 26,671 per 10 gm  aAt the Multi Commodity Exchange.

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