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.

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