Gold prices remain near 28-month low and on track for worst week in two months
Bengaluru — Gold prices languished near a 28-month low on Friday, heading for their worst week in two months, as prospects of aggressive rate hikes by the US Federal Reserve lifted bond yields and took the shine off bullion.
“Currently, gold seems to be in an attempt to stabilise, coming after the heavy sell-off overnight,” said Yeap Jun Rong, a market strategist at IG. “The bearish momentum could continue to drive a drift lower in prices until the Federal Open Market Committee meeting next week, where a hawkish Fed is the likely outcome.”
Markets are pricing in a 75 basis point rate hike by the US central bank at its September 20-21 policy meeting after consumer prices unexpectedly rose in August. Data on Thursday showed that US retail sales unexpectedly rose in August as lower petrol prices supported spending, while US jobless claims fell last week.
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