Gold Prices Little Changed, Eyes on U.S. Jobs Data Fed Rate Hike Concerns

Gold Prices Little Changed, Eyes on U.S. Jobs Data Fed Rate Hike Concerns

Gold futures prices slightly changed on Wednesday, their first monthly decline since December, amid rising expectations for a rise in US interest rates next month as investors wait for major US employment data to be released later in the week.

On the Comex division of the New York gold futures for June delivery were steady at $1,262.48.

Spot gold was down 0.3 per cent to $1,259.51 per ounce.

At the MCX Gold was down 0.23 per cent, or Rs 66, at Rs 28,675 per 10 gram.

The dollar fell after data showed on Tuesday that the consumer confidence index fell to 117.9 in April, compared with expectations for a rise to 119.8.

However, the US Department of Commerce said consumer spending rose 0.4% last month, in line with economists’ expectations. The biggest increase was in four months.

USD remains under pressure amid fears that reports into President Trump’s relations with Russia could hinder his administration’s progress in the promised stimulus measures.

It is likely to increase the interest rate in the United States soon, even though the Federal Reserve may wish to delay if inflation remained weak, according to the Governor of the Federal Reserve Bank Lal Brainard on Tuesday.

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