Gold Attempts Modest Gains on Uncertainty of US Rate Hike

Gold Attempts Modest Gains on Uncertainty of US Rate Hike

Prices of US gold futures slipped on Tuesday, falling for a 3rd day as investors are cutting back exposure to the yellow metal as the US dollar weakened to markets in wait and see mode ahead of a speech by the President of Federal Reserve Janet Yellen later earlier this week that could provide clues on the timing of a rise in interest rates in the United States.

Gold for December delivery on the Comex Exchange inched up $3.35, or 0.25%, to trade at $1,346.75 a troy ounce.

Spot gold slipped 0.1 per cent to $1,337.55 an ounce. The metal hit a two-week low on Monday.

Federal Reserve Chairman Janet Yellen can provide fresh clues on when the next rate hike in US a speech at an annual meeting of central bankers in Jackson Hole, Wyoming, on Friday. The annual symposium of the Fed is sometimes used by the Fed chair to make significant policy claims.

The US dollar index, which measures the strength of the greenback against a trade-weighted basket of six currencies, to 94.30 early Tuesday, pulling straight back from the top of the previous session 94.94 while maintaining away eight weeks low of 94.05 last week.

Holdings of SPDR Gold Trus rose 0.25 per cent to 958.37 tonnes on Monday.

Standard gold (99.5 purity) eased by Rs 10 to end at Rs 31,450 per 10 grams due to lack of buying interest from stockists and retailers.

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