Gold Prices Dropped Towards 2-Week Low After U.S. Inflation Data, Fed in Focus

Gold Prices Dropped Towards 2-Week Low After U.S. Inflation Data, Fed in Focus

Prices of gold plunged further at the domestic bullion market here today at previous sessions of two weeks by the strong liquidation of storekeepers and driven by foreign investors bearish signals. Additionally on Wednesday after data showed consumer prices from United States marched higher in February, which could keep the Federal Reserve on track to gradually increase interest rates this year.

Gold for April delivery on the Comex division of the New York dipped $2.00, or 0.16%, to trade at $1,229.00 a troy ounce.

Spot gold fell to $1,225.70 an ounce, its lowest since March 2, in earlier trade and was down 0.2 per cent at $1,234.21 in early European trade.

The US DOC said that consumer prices, excluding food and energy components, rose 0.3% after a similar further increase in January. In the 12 months through February, core CPI rose 2.3%, the biggest increase since May 2012.

At the same time, the DOC said housing starts rose 5.2% last at an annual rate of 1.18 million, led by the largest increase in housing units in nine years month.

The optimistic data boosted the US dollar, with the dollar index, which measures the greenback force against a weighted basket of six major currencies, rising 0.31% to 96.95, the highest since the March 10th.

Standard gold (99.5 purity) dipped by Rs 320 to end at Rs 28,765 per 10 grams from Monday’s level of Rs 29,085 on heavy sell-off from stockists and investors driven by bearish overseas cues.

Analysts said, globally, Gold tumbled to its lowest level in nearly two weeks as the dollar firmed advance of a meeting of the Federal Reserve, which is expected to give clues about the pace of future rate hikes from United States .

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