Gold Prices Slips to Near 3-Month Lows Ahead of US Rate Hike Outlook

Gold Prices Slips to Near 3-Month Lows Ahead of US Rate Hike Outlook

Prices of US gold futures fell nearly 3-month lows Friday as the recent strength of the US dollar there continued to weigh on the precious metal and upbeat economic data boosting expectations that the interest rates will go up from United States in the next two months.

On the Comex Exchange, gold futures for June delivery were steady at $1,221.05.

Spot gold had dipped 0.3 per cent to $1,216.50 per ounce, after falling as low as $1,211.30 earlier in the session. Prices of yellow metal has dropped about 2.7 per cent so far this week, heading towards its biggest weekly decline since March 25.

The safe haven asset has also been affected by the Asian stocks that slipped up on Friday and the dollar index, which measures the greenback against a basket of six major currencies remained stable.

Investors were being watched the release of US Economic growth data as well as comments from Fed President Janet Yellen, due Friday afternoon, looking for futher clues about the timing of future rate hikes by the US central bank ..

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

Fed Governor Jerome Powell, a voting member of the committee rate-setting US central bank, on Thursday said he felt the economy was in a “solid base” and the extent of inflation targets Fed.

Meanwhile, the Federal Reserve Bank of Atlanta on Thursday predicted the country’s economy is on track to grow 2.9 percent annualized in the second quarter, following recent data on US durable goods orders and advance trade goods.

Gold market is expecting for further instructions from the comments of Fed Chairman, Janet Yellen, in a round event organized by Harvard University on Friday.

At the Multi Commodity Exchange, gold for delivery in June fell by Rs 43, or 0.15 per cent, to Rs 28,695 per ten grams in futures trade today as participants cut their bets.

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