Gold Futures 2-Week High, Amid Indications for December Rate Hike

Gold Futures 2-Week High, Amid Indications for December Rate Hike

US gold futures rose to their highest level in over two weeks, because operators digested moderated comments from the Fed suggesting that drastic improvements are needed in the global economy prior to the US central bank raised its rate reference interest rate for the first time in almost a decade.

On the Comex, gold for December delivery traded in a wide range ranged from a session low of $ 1,126.90 and a maximum of $ 1141.20 an ounce, reaching its highest level since Sept 1.

The prices of gold rose on Thursday as as some investors took the most pessimistic stance on the statement by the Fed on interest rates. Fed officials voted to keep the 1.9 range for the federal funds rate with no change in between 0% and 0.25%.

While expressing significant concerns with the rate of worldwide economic growth, Fed President Janet Yellen, showed up more optimistic about the evolution of the US economy from the FOMC last met in July. The labor market in the United States, she said, is approaching at full employment, creating an upward pressure on inflation.

At MCX Gold opened higher powered by the FOMC decision to keep the interest rate with no change in 0.25%. The MCX October contract was trading around 26,391, an increase of 0.85 percent from the previous closing day.

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