Close X
Friday, November 29, 2024
ADVT 
International

Gold Price Sinks Six-year Low On Fed Rate Hike Fears

Darpan News Desk IANS, 03 Dec, 2015 11:06 AM
  • Gold Price Sinks Six-year Low On Fed Rate Hike Fears
Gold prices plunged on Thursday to a six-year low in the international markets amid fears of the US Federal Reserve hiking short-term interest rates at its December 15-16 policy meeting in Washington.
 
In the London bullion market, spot gold fell to $1,050.60 from $1,066.90 per ounce on Wednesday, which are the lowest since February 2010. US gold futures too dipped to $1,l045.40, the lowest since October 2009.
 
In the New York Mercantile Exchange (NYMEX) too, gold for February delivery dropped $1.90 cents to $1,051.90 a troy ounce.
 
In India, 24-carat gold was quoted at Rs.24,760 per 10 gramme in early trading in the Mumbai bullion market as against Rs.24,931 on Wednesday and Rs.26,513 per 10gm as against Rs.26,759 on Wednesday in the retail market.
 
In the Bengaluru retail market, gold was traded at Rs.2,572 per 10gm.
 
The yellow metal lost its sheen after Fed chair Janet Yellen said in Washington on Wednesday that the US central bank was on track to hike interest rates, as the American labour market improved in November.
 
According to US media reports, Yellen's remarks came at a speech on the economic outlook after a processing firm (ADP) reported that non-farm jobs increased to 217,000 in November from its projected numbers -- 190,000.
 
A strong non-farm payrolls report on Friday will also spur Fed rate hike, even as inflation is expected to return to two percent in the medium term.
 
Yellen was also quoted hinting an imminent rise in interest rate from near-zero rates on the US economy recovering from seven-year recession, as evident from job growth since October.

MORE International ARTICLES

Canadian Ministers Harjit Sajjan, John McCallum Tour Syrian Refugee Camp In Jordan

Canadian Ministers Harjit Sajjan, John McCallum Tour Syrian Refugee Camp In Jordan
The Ministers made this trip to experience first-hand the situation on the ground, as the Government of Canada implements its commitment to bring 25,000 Syrian refugees to Canada.

Canadian Ministers Harjit Sajjan, John McCallum Tour Syrian Refugee Camp In Jordan

Mass Shooting In Southern California City Of San Bernardino: 14 Killed

Mass Shooting In Southern California City Of San Bernardino: 14 Killed
The San Bernardino City Fire Department said via its Twitter account that it was responding to reports of 20 victims.

Mass Shooting In Southern California City Of San Bernardino: 14 Killed

Four PIOs Named Among 100 Leading Global Thinkers

Four PIOs Named Among 100 Leading Global Thinkers
Four persons of Indian origin are featured in Foreign Policy magazine's list of 100 Leading Global Thinkers who have generated ideas that could promise humankind a better future.

Four PIOs Named Among 100 Leading Global Thinkers

'India Can Learn Perils Of Intolerance From Pakistan'

'India Can Learn Perils Of Intolerance From Pakistan'
The film, which has not been screened in Pakistan yet, has touched a chord with Pakistanis across the globe, because it spells out how they are themselves victims of extremism.

'India Can Learn Perils Of Intolerance From Pakistan'

Pakistan Hangs Four Peshawar School Attackers

Pakistan Hangs Four Peshawar School Attackers
Pakistan early Wednesday hanged four convicted terrorists linked to last December's massacre at an army school which left more than 150 people dead, mostly school children.

Pakistan Hangs Four Peshawar School Attackers

Plea Deal In Works For Canadian Teen Charged In Double Killing In Florida

Plea Deal In Works For Canadian Teen Charged In Double Killing In Florida
  Marc Wabafiyebazu, 15, is expected to return to court in two weeks for a hearing in which a plea deal could be reached.

Plea Deal In Works For Canadian Teen Charged In Double Killing In Florida

PrevNext