Gold prices fall Rs 256 to Rs 29598 as dollar extends gains

Gold prices fall Rs 256 to Rs 29598 as dollar extends gains

Spot gold was down 0.7 percent at $1,285.40 an ounce as of 1417 GMT, while U.S. gold futures for December delivery slipped 1.2 percent to $1,286.80 per ounce.

Gold fell for a third straight session on Wednesday on pressure from the USA dollar's gains for much of the session and amid speculation that the next chair of the Federal Reserve could be a policy hawk.

Gold prices were roughly unchanged on Wednesday amid dollar weakness on the back of weaker-than-expected housing data. "It's partly (the possibility of a hawkish Fed chair) and that the Fed is going to and needs to hike rates this year that is contributing to a bullish dollar environment", Martin Arnold, commodities analyst at ETF Securities, said.

Spot gold was down 0.3 percent at $1,281.50 an ounce by 2:21 p.m. EDT (1821 GMT), having touched its lowest since October 9 at $1,276.73.

Powell is expected to be the next Fed chairman, according to a slim majority of economists in a Reuters poll, though a lot of them said that incumbent Janet Yellen would be the best option. The Fed will probably need to raise rates in December and then three or four times "over the course of next year", assuming US unemployment continues to fall and inflation rises, Boston Fed President Eric Rosengren said on Monday.

Gold is highly sensitive to rising US interest rates, as they increase the opportunity cost of holding non-yielding bullion, while boosting the greenback.

Catalonia refused on Tuesday to bow to the Spanish government's demand that it renounce a symbolic declaration of independence, setting it on a political collision course with Madrid later this week.

However, the brokerage house believes that the host of economic data sets released in the United States in recent times indicate that the dollar Index might possibly change its direction from weakness to strength, which could halt the pace at which gold prices rise.

Higher US interest rates tend to boost the dollar and push up bond yields, putting pressure on greenback-denominated gold.

In other precious metals, silver was flat at $17 an ounce after touching its lowest in more than a week. Platinum for next January went down 10.20 dollars, or 1.09 percent, to settle at 924.60 dollars per ounce.



Related Posts

The Kraft Heinz Company (NASDAQ:KHC) Undervalued by 14.1%
Susquehanna Bancshares Inc reiterated a "hold" rating on shares of The Kraft Heinz in a report on Tuesday, August 1st. Equities research analysts expect that The Kraft Heinz Company will post $3.24 EPS for the current fiscal year.

Select Comfort Corporation (SCSS) Announces Earnings Results, Misses Estimates By $0.06 EPS
Therefore 38% are positive. 05/31/2017 - Select Comfort Corporation had its "neutral" rating reiterated by analysts at Wedbush. Select Comfort Corporation on 6/29/2017 reported its EPS as $0.56 with the analysts projecting the EPS of the stock as $0.57.

AmEx's Stephen Squeri to succeed Chenault as CEO, chairman
AmEx must continue to combat heightened competitive pressure, especially in the U.S. Chenault, 66, will retire as its chairman and chief executive next year.

Which Insider sold 21000 Shares Of RSP Permian, Inc. (RSPP)?
Of those analysts, 21 rate stock as a Strong Buy, 1 rate it as Hold, and just no analyst rates it as a Moderate Sell. Investors are more bullish on RSP Permian, Inc . of late if you put credence in the motion in short interest.

Judge might throw out emolument clause lawsuit against Trump
Constitution by accepting foreign payments through his hotels and other businesses should be able to proceed with their lawsuit. Attorneys for the Department of Justice argued on President Trump's behalf that the case should be dismissed.

The Latest Analyst Coverage For PACCAR Inc (PCAR), Arconic Inc. (ARNC)
PACCAR Inc is a technology company. (NASDAQ: PCAR ) traded up 1.499% during midday trading on Tuesday, reaching $68.715. BidaskClub cut shares of PACCAR from a "sell" rating to a "strong sell" rating in a report on Saturday, June 24th.

Real Madrid 1-1 Tottenham: Spurs stars rated and slated
Madrid created some very good chances in the second half but Spurs defended resolutely, and deservedly picked up a point. The hosts were beginning to pile on the pressure in the second-half.

National Teen Driver Safety Week: 'The haunting reality of teen driving'
There are three categories: best overall campaign, greatest improvement in seat belt usage, and highest seat belt use rate. Do not forget to lead by example, and make sure they know what the consequences of their actions could be.

Carragher admits his Liverpool played like Mourinho's United
He had to go with Nemanja Matic and Ander Herrera and when he wanted to make changes in the second half, he was unable. He's improved the squad in all areas, with Paul Pogba, Zlatan Ibrahimovic and Romelu Lukaku the most notable arrivals.

Five-Star Recruit Emmitt Williams Arrested For Sexual Battery, False Imprisonment
As a recruit, Williams took an official visit to OR in late September, and was viewed as a possible Ducks lean. The top-rated prospect in the state has a long list of offers, including from Florida , Louisville and Kansas.

© 2015 ExpressNewsline. All Rights reserved.