Gold Slips On Concerns Over Fed Rate Hike

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International gold was seen trading lower on Friday weighed by a strong dollar and equities which rose on anticipation that the Federal Reserve will raise interest rates by December.

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International gold eased and was seen trading at $1,256 an ounce.

Gold Slips On Concerns Over Fed Rate Hike

Gold witnessed pressure after worries of interest rate hike in the US after the minutes of Federal Reserve. A rise in US interest rates, would mean a drop in gold rates and vice versa.

Also, strengthening of dollar dimmed the appeal of the precious metal as an alternative asset.

At the Multi Commodity Exchange, gold for delivery in December was seen trading at Rs 29,680 per 10 gram, marginally lower by Rs 29. The metal for delivery in far-month February was trading lower at Rs 29,779 lower by Rs 33.

India gold on Thursday regained by surging Rs 250 to 30,400 per 10 gram at the bullion amid increased buying by jewellers at domestic spot market, triggered by wedding season demand, reports PTI.

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Story first published: Friday, October 14, 2016, 14:47 [IST]
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