Gold Prices Declines for Third Day on Better Chinese data, Fed Rate Uncertainty

Gold Prices Declines for Third Day on Better Chinese data, Fed Rate Uncertainty

Prices of gold futures fell for the third day from the four-month highs last week on Monday amid faster-than- expected growth in China supported the case for the Federal Reserve to raise interest rates.

Gold for December delivery on the Comex slumped $11.30, or 0.96%, to trade at $1,171.80 a troy ounce. Spot Gold declined 0.4 per cent to $1,173.01 an ounce.

A private report on Friday showed consumer confidence rose more than forecast this month, a day after data from the Government showed that unemployment claims suddenly slid to match the fewest in four decades.

The Chinese economy grew 6.9 percent during the third quarter, beating economists’ estimates of 6.8 percent, data showed today.

Investors have been attempting to measure when the Fed will raise interest rates for the first time in nearly a decade after recent economic reports provide a mixed picture of US economic growth.

But, the upbeat data for inflation and consumer trust drove investors to trim bets that the Fed gonna wait till the coming year to raise rates.

The timing of a rate hike by the Fed has been a consistent source of debate in the markets in recent months. The US central bank’s policy has two meetings scheduled prior to the end the year in late October and mid-December.

Gold futures delivery in December contract was trading lower by Rs 178, or 0.66 percent, at Rs 26,972 per 10 grams, at Multi Commodity Exchange.

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