Gold Futures Extends Gains After U.S. Data; Possible US Rate Hike In Focus

Gold Futures Extends Gains After U.S. Data; Possible US Rate Hike In Focus

US gold futures prices increased for the second straight day on Tuesday as disappointing US inflation data was seen as easing the pressure supported by a weaker dollar amid uncertainty as to when the Federal Reserve will upload the US interest rates.

Gold for December delivery on the Comex tacked on $7.90, or 0.62%, to $1,264.55 a troy ounce. A day earlier, the yellow metal inched up $1.10, or 0.09%.

Spot gold was up 0.5 per cent at $1,261.25 an ounce.

The US DOC said consumer prices rose 0.3% in September, with expectations and up from 0.2% the previous month. Year after year, Consumer price rose 1.5% last month, after increasing 1.1% in August. That was its highest since October 2014.

Meanwhile the CPI excluding energy and food components, rose 0.1%, lack of forecasts 0.2% and slowdown from 0.3% the previous month. In the 12 months to September, the core CPI rose 2.2%.

The disappointing report prompted investors for rolling back expectations for the next rate hike . US Markets are currently pricing in around a 68% chance of a rate hike at the meeting in December, according to the Monitor Tool Fed rate Investing.com.

Fed Vice Chairman Stanley Fischer on Monday said that economic stability may be imperiled by low interest rates but that “it is not that simple” for the Fed to hike.

Holdings in SPDR Gold Trust, rose for the third consecutive session on Monday. They were up 0.18 percent to 967.21 tonnes.

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