Gold futures prices rose earlier losses on Thursday, fell to the lowest levels of the session after data showed that the US economy grew at a faster pace than expected, reinforcing expectations for further US interest rate hikes this year.
Comex gold futures dipped $7.00, or around 0.6%, to $1,246.00 a troy ounce. Meanwhile, spot gold was down $6.40 at $1,247.30.
In Delhi spot market gold closed at Rs 28,895 per 10 gm as against yesterday’s close of Rs 28910 per 10 gm.
GDP rose at an annual rate of 2.1% instead of the previous rate of 1.9%, according to the Ministry of Commerce on Thursday in the third GDP estimates for the period. Analysts had expected an increase of growth to only 2.0%.
It has been adjusted growth in consumer spending, which accounts for more than two-thirds of economic activity in the United States, to the rate of 3.5% in the fourth quarter. It was previously reported to have risen by 3.0%.
Market players were looking forward to speeches by a group of Fed officials whose comments will be examined for evidence on the future path of raising interest rates.
It is expected to be the President of the Federal Reserve Bank of New York, William Dudley, the most important, with a discussion of 4:30 Payam to the financial and monetary policy situation. Besides Dudley, president of the Federal Reserve Bank of San Francisco John Williams speaks at 11AM ET, while Federal Reserve Chairman Dallas Robert Kaplan speaks at 3PM in New York.
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