Gold Trades at 4-Month Highs on Fed Rate Hike Bets Hold Off This Year

Gold Trades at 4-Month Highs on Fed Rate Hike Bets Hold Off This Year

Gold futures rose on Thursday to hit a 4-month high, after disappointing U.S. economic data fueled bets that he Fed’s will hold off raising interest rates this year.

Gold for December delivery on the Comex inched up $3.30, or 0.28%, to trade at $1,183.10 a troy ounce,

Gold soars as the dollar falls on Wednesday after data showed that retail sales hardly rose last month, while in producer prices posted their biggest drop in eight months.

A disappointing data fueled hopes that officials may delay the Fed to raise interest rates until the first half of 2016.

The investors were looking ahead to their economic reports on inflation and weekly jobless claims later in the day for more clues on the future path of interest rates.

The world’s largest gold-backed exchange-traded fund, SPDR Gold Shares, said its holdings rose 7.7 tonnes on Wednesday, its first inflow since October 1 and the biggest of any day since February 2.

In terms of the domestic market with a gain of 0.22 percent on MCX gold is trading around Rs 27,265.

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