Gold Weakens on Muted Demand With Fed Language Seen Crucial For Direction

Gold Weakens on Muted Demand With Fed Language Seen Crucial For Direction

Gold futures fell in Asia on Monday as the market was ready to listen closely to the Fed’s suspension this week after interest rates, especially language, fell on the impact of expected tax cuts.

Gold futures for February delivery rose 0.11% to $1,249.80 a troy ounce on the Comex. Globally, gold edged up 0.09 per cent to USD 1,249.30 an ounce and silver by 0.03 per cent to USD 15.82 an ounce in Singapore.

MCX Gold futures were trading 0.19 per cent, or Rs 53, down at Rs 28,480 per 10 gram.

The Federal Reserve meets this week, is expected widely to raise interest rates between a quarter point. The European Central Bank, the Bank of England and the Swiss National Bank are also scheduled to hold monetary policy meetings, although no changes are expected.

Gold prices fell last week to their lowest level in four months on Friday, the biggest weekly drop since May after the US jobs report, which was stronger than expected on Friday, on expectations of a rate hike by the Federal Reserve at its next meeting.

Traders said the lukewarm demand from local jewelers and retailers in the local spot market remained mainly put pressure on the price of gold, but a little better trend in global markets capped the decline.

he Labor Department said that the US economy added 228 thousand jobs in November, surpassing economists’ expectations of 200,000, while the unemployment rate remained steady at 4.1% for the second consecutive month.

Wages rose 0.2% in the month, and 2.5% from last year, which was less than expected by 0.3% and 2.7% respectively.

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