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Gold Lower On Anticipated Interest Rate Hike In The US
Gold was seen trading lower tracking weak overseas trend weighed by a likelihood of the first interest rate hike in US, since June 2006.
Dollar rose on expectations that there will be hike next week and the strong dollar was supported by US non-farm payrolls data. International gold fell to USD 1,071 an ounce.
The dollar has strengthed against a basket of currencies in the last few days. As dollar and gold are inversely related, any strengthening in dollar will negatively impact gold prices.
Crude Oil prices have fallen dramatically in the international market to their lowest level since February 2009 in New York trade, as a commodity rout continues.
At the MCX, Gold futures of the latest delivery was seen trading at Rs 25,472, lower by 0.31 per cent per 10 grams. It touched an intra-day low of Rs 25422 per 10 grams.
Gold futures for April next year was lower by Rs 89, or 0.35per cent, to Rs 25,570 per 10 grams.
If the Federal Reserve hikes interest rate then investment interest could move away from gold to government securities.
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