Gold Futures Prices Slip Lower on U.S. Rate Hike Prospects; Weak Global Pointers

Gold Futures Prices Slip Lower on U.S. Rate Hike Prospects

NEW YORK (Reuters) – Gold futures fell on Monday after New York Fed Chairman William Dadley suggested a possible hike in US interest rates, raising the dollar overall.

Comex gold futures were down $1.78 or about 0.14% at $1,295.82 a troy ounce.

Meanwhile, gold fell 0.31 per cent, to USD 1,293.10 an ounce in Singapore today.

At Multi Commodity Exchange, gold prices for delivery in October declined Rs 65, or 0.22 per cent, to Rs 29,520 per 10 grams.

The dollar strengthened after Dadley said the Fed was on track to gradually raise interest rates as factors leading to inflation were “fading” and the fundamentals of the US economy were sound.

Analysts attributed falling prices to falling positions by participants, following a weak trend in the global market as the dollar strengthened and the euro declined relative to political developments in Germany.

The dollar index, which measures the strength of the dollar against a basket of six major currencies, rose 0.41% to hit 92.33, the highest since September 21.

The participants in the market are also looking forward to a speech from Federal Reserve Chairman Janet Yellen entitled “Inflation and uncertainty and monetary policy” at the annual meeting of the National Association for Business Economics on Tuesday.

Chancellor Angela Merkel won a fourth term on Sunday, but it will have to build a coalition to form a government where the Conservatives lost support in the face of a wave of alternative reforms for Germany.

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