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Gold Slips On US Fed View On Interest Rates
Gold prices in India fell after a four-day winning run, tracking global markets where gold fell after comments from Federal Reserve officials on a US rate hike this year.
Gold felt the pressure after worries of interest rate hike in the US. A rise in US interest rates, would mean a drop in gold rates and vice versa.
"The dollar rebounded and a Federal Reserve policy maker said the US economy is strong enough to warrant an increase in interest rates soon, warning that waiting too long risks high inflation or asset bubbles, mainly influenced gold prices at futures trade here", reports PTI.
Strengthening of dollar dimmed the appeal of the precious metal as an alternative asset.
At the Multi Commodity Exchange, gold for delivery in October eased to Rs 31,455 per 10 gram, lower by Rs 23. The metal for delivery in far-month December was trading at Rs 31,748, lower by Rs 33 per 10 gram.
International gold dropped 0.3 percent to USD1,353.50 an ounce.
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