Gold Prices Bounces Off 5-1/2-Month Low On Physical Buying; U.S. Rate Hike Hopes

Gold Prices Bounces Off 5-1/2-Month Low On Physical Buying; U.S. Rate Hike Hopes

Gold futures prices ticked higher on Monday, but remained near the lowest level since May thanks to physical purchases on down speculation for a Federal Reserve rates and financial stimulus by the President-elect Donald Trump.

Gold for December delivery on the Comex Exchange tacked on $6.15, or 0.51%, to $1,214.85 a troy ounce.

Spot gold was up 0.3 percent at $1,211.72 an ounce, the metal fell as much as 1 percent to mark its lowest since May 30 at $1,203.52.

Market analysts cautioned that the forecast for gold is still cloudy in the near term, because of the high interest rate of the United States in December, is now almost certainty.

According to the monitoring tool the Fed’s rate, and the prospect of a rate hike at the Fed meeting December 13 to 14 is 100%.

Rise in yellow metal prices have fallen more than 7% so far this month amid optimism that increased fiscal spending in the United States under the Trump management and stimulate economic growth and inflation, which would eventually lead to an era of rising interest rates.

The dollar index, which tracks the US currency versus a basket of major currencies, was unchanged at 101,200 after rising as high as since 2003 on Friday, the continuation bets faster inflation and higher interest rates.

Gold traded marginally in the green on the Multi Commodity Exchange (MCX) in early trade on account of physical buying by retailers.

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