Gold price steadies, but may resume fall as rate hike worries resurface

Spot gold prices steadied on Tuesday after falling for three days, but looked at risk of further weakness as the dollar edged up after a Federal Reserve official speculated the next U.S. rate rise could come as soon as April.

Written by Reuters

Melbourne

March 22, 2016 07:31 IST

Stepping up pressure on the Centre over the excise duty levy in the Budget 2016 proposal, jewellers in Tamil Nadu and Puducherry, who had called off their strike recently, are gearing themselves up to resume the indefinite stir by joining other associations next week.

Spot gold was trading up 0.1 percent at $1,244.3 an ounce by 0059 GMT. Prices hit the weakest in three sessions at $1,240.30 an ounce on Monday. U.S. gold was up 0.1 percent at $1,245.30 a tonne. The United States may be in line for an interest rate hike as soon as April, Atlanta Fed President Dennis Lockhart said on Monday, another sign that policymakers are comfortable allowing U.S. monetary policy to diverge from other major economies.

U.S. home resales fell sharply in February in a potentially troubling sign for America’s economy which has otherwise looked resilient to the global economic slowdown. Mali has upgraded its estimated below-ground gold reserves by a third to 800 tonnes, enough to maintain current levels of output for the next 15 years, said the West African nation’s mines minister.

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This article was first uploaded on March twenty-two, twenty sixteen, at thirty-one minutes past seven in the morning.