Gold Marginally Lower On US Fed Worries

Business

oi-Sunil Fernandes

By Sunil Fernandes

Published: Monday, September 12, 2016, 13:55 [IST]

Gold was trading marginally lower, as markets remained worried that the US Fed is all set to hike interest rates as early as Sept. Boston President Eric Rosengren, said that "gradual tightening is likely to be appropriate," raising worries that the US Fed would hike interest rates as early as this month.

His speech comes after a number of hawkish comments on raising interest rates in the US from several other Fed officials.

Spot gold in the international markets was trading at $1,328 an ounce , which was marginally lower over Friday's close.

On the MCX, gold for Oct delivery was marginally down by Rs 70. Investors see some more drop in gold, given that the precious metal has had a phenomenal rally, since the start of the year.

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