Yellow metal loses shine on rate hike worries
03/03/2017 13:58
Gold futures were trading lower during afternoon trade in the domestic market on Friday as investors and speculators exited their positions in the precious metal on slide in safe-haven demand on rising expectations of a US rate hike as early as this month.
The higher US interest rates would diminish the demand for non-interest bearing assets such as gold while a higher dollar makes the precious metal more expensive for buyers using other currencies.
Meanwhile, Fed policy-setters Chairwoman Janet Yellen and Vice Chairman Stanley Fischer, are both due to speak later today, likely to provide further clues on the Fed's policy path ahead of the March 14-15 meeting.
At the MCX, gold futures for April 2017 contract is trading at Rs 29064 per 10 grams, down by 0.36 per cent, after opening at Rs 29168, against a previous close of Rs 29170. It touched the intra-day low of Rs 29026 (at 13:51 hours).
03/03/2017 13:58
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Gold futures were trading lower during afternoon trade in the domestic market on Friday as investors and speculators exited their positions in the precious metal on slide in safe-haven demand on rising expectations of a US rate hike as early as this month.
The higher US interest rates would diminish the demand for non-interest bearing assets such as gold while a higher dollar makes the precious metal more expensive for buyers using other currencies.
Meanwhile, Fed policy-setters Chairwoman Janet Yellen and Vice Chairman Stanley Fischer, are both due to speak later today, likely to provide further clues on the Fed's policy path ahead of the March 14-15 meeting.
At the MCX, gold futures for April 2017 contract is trading at Rs 29064 per 10 grams, down by 0.36 per cent, after opening at Rs 29168, against a previous close of Rs 29170. It touched the intra-day low of Rs 29026 (at 13:51 hours).
