Gold Futures Prices Set for Weekly Loss as Fed Rate Hike Outlook Weighs

Gold Futures Prices Set for Weekly Loss as Fed Rate Hike Outlook Weighs

Gold futures prices fell as investors retreat in the event of geopolitical uncertainty after North Korea recently launched a missile at Japan on Friday, with growing expectations that the lifting of the Federal Reserve interest rates later this year kept the precious metal on the right track to lose weekly.

Gold futures for December delivery on the Comex Exchange fell by $2.91, or 0.22%, to $1,326.39 a troy ounce.

Spot gold was down 0.2 per cent at $1,326.70 an ounce. It was down over 1 per cent for the week, on track for its first weekly decline in four.

MCX Gold was 0.06 per cent down at Rs 29,992.

After a day of high inflation data to its highest level in seven months, which led to increased expectations of an interest rate hike in December, the price of gold remained on track to swing over three consecutive weeks. But losses were limited due to weak US economic data.

The Commerce Department said Friday retail sales fell 0.2% last month, missing expectations of a 0.1% increase. The pair of reports on manufacturing and consumer sentiment followed weaker-than-expected retail sales data.

North Korea on Friday fired a missile that hovered over the Japanese island of Hokkaido in the Pacific Ocean, lifting tension after Pyongyang’s recent test of a powerful nuclear bomb, South Korean and South Korean officials said.

Geopolitical risks may boost demand for safe haven assets such as gold and the Japanese yen.

The yen fell against the dollar on Friday, after rising earlier in the news, with the dollar backed by strong data from US consumer inflation.

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