Gold Prices Extends Losses Ahead of More Fed Speakers

Gold Prices Extends Losses Ahead of More Fed Speakers

Prices of gold futures opened between gains and losses on Monday after a better-than-expected US employment indicated strength of the economy, and investors looked forward to more talks given FOMC members later in the day to judge further the balance of views among policymakers in the prospect of further rate hikes

Gold for June delivery on the Comex division of the New York dipped 50 cents, or 0.04%, to trade at $1,223.00 a troy ounce.

Spot gold had eased 0.4 percent to $1,216.91 an ounce, after dropping 0.8 percent on Friday.

Eric Rosengren Boston Fed president will speak at 14:15 GMT, or 10:15 ET, while Minneapolis Fed President Neel Kashari and Dallas Fed President Rob Kaplan are slated to speak after the US market closed.

Gold recorded its biggest quarterly increase in nearly 30 years in the March quarter, bringing to 16 percent while expectations were dashed that the Fed would move to normalize interest rates due to worries about the world economy. The central bank raised rates US in December for the first time in almost a decade.

The metal is very exposed to rising rates, which raise the opportunity cost of holding assets not yield, while increasing the dollar.

The assets of SPDR Gold Trust, the biggest exchange-traded fund backed by gold in the world, fell 0.15 percent to 818.09 tonnes on Friday, but remain near the highest in more than two years.

In larger markets, prices remained firm Asian stocks on Monday after jobs data supported the US are strong risk sentiment among investors.

MCX gold down over 0.25 per cent in the domestic market is trading at Rs 28,375.

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Posted in Commodity, MCX, Stocks Market

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