Gold Futures Prices Move Lower on Rate Hike Worries

Gold Futures Prices Move Lower on Rate Hike Worries

Gold futures prices lower on Friday, after falling of more than one per cent in the previous session, as growing expectations of further interest rates in March in the United States and the US dollar in the strongest effect on the precious metal.

On the Comex Exchange, gold futures for April delivery were down 0.41% at $1,227.85, the lowest since February 15.

Spot gold dropped 0.2 per cent to $1,232.81 per ounce. The metal had its worst session since Dec.

Dollar was strengthened broadly after showing many Federal Reserve officials this week expressed support for raising the interest rate in March.

The dollar also strengthened after the Ministry of Labour of the United States said initial jobless claims fell by 19,000 to 223,000 in the week ending February 25 from last week’s total of 242,000.

Analysts had forecast initial jobless claims rising by 1,000 to 243,000 last week.

Holdings of SPDR Gold Trust, rose 0.21 per cent to 845.32 tonnes on Thursday from Wednesday.

Increased US dollar index, which tracks the dollar’s strength against a trade-weighted basket of six major currencies, declined 0.13% at 102.03, not far from the highest level on Thursday in seven weeks 102.27.

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