Gold, Silver Futures Prices Rise on Global Cues Amid Jump in June Rate Hike Expectations

Gold, Silver Futures Prices Rise on Global Cues Amid Jump in June Rate Hike Expectations

Gold futures prices posted gains in morning on Tuesday amid growing expectations that the Fed will increase the benchmark price in June, prompting the dollar from its lowest level, which led to the delay in the demand for precious metals.

Gold for June delivery on the Comex lost $11.44 or 0.91%, to $1,247.20 a troy ounce.

Globally, gold rose 0.13 per cent to USD 1,262 an ounce in Singapore.

According to Investing.com, nearly 80% of traders expect the Federal Reserve to raise interest rates in June, compared with only 67% of traders in the previous week.

The jump came in June’s forecast amid weaker than expected economic data, which failed to offset expectations for a rate hike in June, as Treasury yields rose and the dollar rose to its highest level, easing investor sentiment to absorb bullion.

US manufacturing PMI fell to an eight-month low of 52.5, while its services rose to a four-month high of 54, higher than economists had expected.

A reading above 50 indicates expansion in the sector; less than 50 indicates contraction.

On Tuesday, the Commerce Depart report said sales of newly constructed homes fell in April to a seasonally adjusted annual rate of 569,000, as estimates of a drop to 610,000.

The U.S. 10-Year gtained o a session of 2.278 while USD Index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, leaped to 97.12.

At the Multi Commodity Exchange, gold for delivery in June rose by Rs 120, or 0.42 per cent, to Rs 28,905 per 10 gram.

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