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Yellow metal logs modest gains amid Fed uncertainty

By Religare
|

Gold futures were trading modestly higher during late morning trade in the domestic market on Monday as uncertainty prevailed over the timing for a maiden US interest rate hike since 2006, bolstering the appeal of Gold as a store of value.

The world's biggest economy added the fewest jobs in five months in August even as the unemployment rate slipped to the lowest level since April 2008, making a September rate tightening move by the Fed unsure.

 

However, Federal Reserve Bank of Richmond President Jeffrey Lacker urged the world's top central bank to pull down the curtains on the era of near-zero interest rates as he favoured a rate hike in the near-term with the US economic recovery on track.

At the MCX, Gold futures for October 2015 contract is trading at Rs 26,575 per 10 gram, up by 0.16 per cent after opening at Rs 26,580, against the previous closing price of Rs 26,532. It touched the intra-day high of Rs 26,600. (At 11:57 AM).

Story first published: Monday, September 7, 2015, 23:00 [IST]
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