Gold Futures Lower as U.S. Data Points to Fed Rate Hike; OPEC Move

Gold Futures Lower as U.S. Data Points to Fed Rate Hike

The gold futures prices lower on Tuesday as upbeat economic releases confirmed the US view that the Federal Reserve will raise rates in December, with the markets on edge by the Meeting this week that could see the oil producers to cut output.

Gold was trading at $1,185.5 a troy ounce, after falling as low as $1,179.00 earlier.

Spot gold was down 0.13 per cent at $1,191.88 an ounce. It gained 0.9 per cent in the previous session.

Tuesday’s data showed that the US economy grew faster than expected in the third quarter, expanding at more rapid in two years.

The Ministry of Commerce announced that GDP grew by 3.2% on an annual basis during the year, up from the previously stated estimate of 2.9%.

Another report has shown that the US Consumer Confidence rebounded strongly in November after a moderate decline in October.

“Will be the people most likely watching the OPEC (Organization of Petroleum Exporting Countries) meeting. If the result in a rise in oil prices, which must be some inflationary pressures in the global economies, especially the United States, which can trigger decline in gold prices,” the analyst said.

Gold on the Multi Commodity Exchange (MCX) was trading 0.02 per cent, or Rs 6, down at Rs 28,730 per 10 gram on a flat note on Tuesday with marginal losses on account profit booking by investors amid mixed global cues.

For Commodity Market Tips, MCX Live Tips, Gold-Silver Prices and trading market latest news & updates  with 100McxTips, follow us on Twitter @100mcxtips and Like on Facebook.  And to contact the reporter on this story email at or Call: +91-761-4012307.

Top Commodity Tips Provider


MCX Commodity Tips is an experienced Commodity Research Advisory to predict investors buying and trading trends at various market environments. For free trial advisory on commodity Gold, Silver, Crude, Copper and all Indian Commodities kindly visit us and submit an query form at commodity free trial tips here.

Posted in Commodity, MCX, Stocks Market

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

Free Crude Oil Tips
Free Trial Crude Trading Tips
Contact & Visit Info
M-Sat : 10am - 7pm

Error: Twitter did not respond. Please wait a few minutes and refresh this page.

NG Trading Tips
Free Trial Commodity Tips
Disclaimer: 100McxTIps would like to remind you that the data contained in this website is not necessarily real-time nor accurate. Bulloin Futures prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore 100McxTips doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
%d bloggers like this: