Gold Futures Drop Amid Weak Global Cues; U.S. Rate Hike Talk

Gold Futures Drop Amid Weak Global Cues; U.S. Rate Hike Talk

Prices of gold futures fell on Monday because expectations of a rise in US rates in the near future continues to weigh on the bullion and as traders eyed speeches by several Fed officials scheduled later in the day.

On the Comex, gold futures for December delivery lost 0.72% to $1,137.30.

Meanwhile, gold traded lower at $1,145.96 an ounce in Singapore.

Fed Chair Janet Yellen said on Thursday that the US central bank remains on track to raise interest rates this year.

Reviews reassured investors that the monetary policy has not changed significantly after the Fed’s decision to hold in check hiking rates earlier this month.

Gold had come under pressure lower in recent months because of the uncertainty about when the Fed may raise interest rates on record-low.

Commodity market analysts attributed the fall in prices to weak trend overseas, also, the metal for delivery in October shed Rs 28, or 0.10 per cent, to Rs 26,706 per 10 grams at Multi Commodity Exchange.

Besides, profit-booking by speculators weighed on gold prices.

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