Gold Retains 2-Day Losing Streak Rose More Than 1% on US Rate View, Fund Outflow

Gold Retains 2-Day Losing Streak Rose More Than 1% on US Rate View

Gold futures prices held losses from a 2-day decline, higher in North American trade on Tuesday, on worries the Fed’s will hike U.S. interest rates earlier than market expectations and on outflows from bullion-backed exchange traded funds.

Gold for June delivery on the Comex Exchange rose by as much as 1.7% to an intraday peak of $1,238.30 a troy ounce.

Spot gold was little changed at $1,215.55 an ounce, after dropping 1.4 percent in the past two sessions.

The market sentiment was affected as new declines in oil prices, which fell to lows of four weeks and a selloff in global stocks added to fears over prospects for global economic growth.

On Monday, gold retired $ 4.20, or 0.34%, amid mixed messages from Federal Reserve officials on prospects US interest rate increases.

On Tuesday, the president of the Chicago Fed Charles Evans reiterated his call two interest rate hikes in the US this year.

Last week Fed Chairman Janet Yellen said the US central bank will be cautious in raising interest rates due to external factors such as global lower growth risks.

Fund assets fell 0.29 percent to 815.72 tonnes on Monday. The fund last week underwent its first weekly net outflow this year, after climbing to its highest level in over two years in March.

At Multi Commodity Exchange, gold for delivery in June was trading Rs 122 or 0.43% higher at Rs 28,496 per 10 gram as speculators widened their bets taking positive cues from the global market.

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