Gold Futures Prices Set For Biggest Weekly Drop In 2-Months

Gold Futures Prices Set For Biggest Weekly Drop In 2-Months

Gold futures prices held steady on Friday, hovering close to a 3-week trough on growing expectations of an increase in U.S. interest rates as soon as next month.

On the Comex Exchange, gold futures for June delivery were steady at $1,255.35.

Spot gold was up 0.2 per cent at $1,256.70 an ounce. Spot prices are down 1.5 per cent this week and facing a third straight week of losses.

Prices of gold were affected after the Fed’s April meeting minutes on Wednesday showed that authorities said a rate hike June would be appropriate if the economic data suggest that growth was picking up during the second quarter and employment and inflation firming.

Furthermore, the president of the Federal Reserve Bank of New York, William Dudley on Thursday that the US economy might be sufficiently strong to justify a rate hike in June or July.

Gold is responsive to the movement in US rates, as an increase would raise the opportunity cost of holding assets not yield as bullion.

Holdings SPDR Gold Shares, rose by 4.5 tonnes on Thursday to their highest since November 2013.

Amid a weakening global trend Gold for delivery in far-month August contracts was trading Rs 76 or 0.25 per cent lower at Rs 29,978 per ten grams.

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