Gold Prices Rises For Second Day as Markets Push Back Fed Rate Hike Expectations

Gold Prices Rises For Second Day as Markets Push Back Fed Rate Hike Expectations

Prices of gold futures rebounded greater than 1% for the second consecutive trading day on Wednesday, as investors reassessed the probability that the Federal Reserve will raise the interest rates in the months ahead.

Gold for December delivery on the Comex Exchange touched an intraday peak of $1,363.10 a troy ounce.

Spot gold climbed 0.6 per cent to $1,348.91 an ounce. The yellow metal gained 0.4 per cent on Tuesday.

A day earlier, gold embedded in $ 5.40, or 0.4%, after data on nonfarm productivity disappointing US dampened optimism about the economic health and reducing the possibility of a rise interest rates at the beginning of the Federal Reserve.

Fed funds futures prices showed traders now see a 39% chance of a rate hike US before December, according to (NASDAQ: CME) CME Group Fed watch tool. That compares with about 50% at the beginning of the week. September odds were around 12% early Wednesday morning below the 20% the day before.

The dollar index, which measures the greenback versus a basket of six major currencies, dropped 0.4 percent to 95.777.

Investment interest in traded funds backed by gold was less dynamic than in recent months with the holding of SPDR Gold Trust, falling for a second day on Tuesday. Holdings fell 0.12 percent to 972.62 tons Monday.

In Delhi gold of 99.9 per cent and 99.5 per cent purity spurted by Rs 310 each to Rs 31,280 and Rs 31,130 per 10 grams.

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