Gold Treads Water Amid U.S. Rate Hike Talk; Falling Stocks Support

Gold Treads Water Amid U.S. Rate Hike Talk; Falling Stocks Support

Prices of US gold futures fell lower on Friday as a stock market crash helped win the support of safe haven against the vision of a Federal Reserve official signaling the possibility for a near term U.S. rate hike.

On the Comex Exchange, gold futures for December delivery were down 0.12% at $1,332.90.

Spot gold held steady at $1,328.06 an ounce.

Prices of gold fallen under pressure after Fed chairman said Boston Eric Rosengren on Friday that the US economy has proved to be more resilient to exogenous risks and that “gradual hardening is probably appropriate.”

The feedback sparked new speculation about a potential rise in the coming future types.

Gold is responsive to the movement of US rates. A gradual process to higher rates is seen as less of a threat for prices of gold to a rapid series of increases.

Asian stock markets slid on Monday, as investors rattled by rising government bond yields and talk that the Fed could be serious about lifting interest rates US as soon as next week.

The hedge funds and money managers stepped their net long position in COMEX gold contracts to a maximum of nine weeks in the week to September 6, and also posed a bullish bias in silver, US data Commodity Futures Trading Commission showed on Friday.

SPDR Gold Trust, the biggest exchange-traded fund backed by gold in the world, said its holdings declined 1.12 percent to 939.94 tonnes on Friday.

At the Multi Commodity Exchange, gold for delivery in far-month Dec fell by Rs 71 or 0.23 per cent to Rs 31,280 per 10 grams in futures trade today as participants cut down their bets amid a weak global trend.

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Posted in Commodity, MCX, Stocks Market

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