Gold Prices Moves Below in Asia A Fed Views on Rates Weigh, Low Demand

Gold Prices Moves Below in Asia A Fed Views on Rates Weigh

Gold futures prices declined in Asia on Friday with largely on its global weakness on political risk and mixed views about the pace of Federal Reserve rate hikes this year.

Gold for April delivery on the Comex Exchange inched down 0.13% to $1,225.45 a troy ounce.

Globally, Spot gold fell by 0.01 per cent to USD 1,225.70 an ounce.

Gold prices rose sharply on Thursday as the dollar fell, as investors studied the Fed’s more cautious than expected statement on the pace of interest rate hikes this year.

The Federal Reserve was stuck in its statement on Wednesday, noting that interest rate increases “will be gradual” in 2017, maintaining its view of raising the three interest rates, with the expectation of raising the remaining interest rates later this year.

Federal Reserve Chairman Janet Yellen said at a press conference on Wednesday that the US central bank would continue to provide enough monetary policy to support the US economy but warned of a long period of low prices to avoid a situation that forces food to “raise prices quickly.”

At the same time, mixed data from the economic data had a muted effect on the yellow metal as it continued to trade near its session highs.

In Delhi Gold of 99.9 and 99.5 per cent purity fell by Rs 150 each to Rs 28,950 and Rs 28,800 per ten grams respectively.

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