Bengaluru — Gold prices nudged lower on Thursday, with investors taking profits after gains of nearly 1% in the previous session on weaker US economic data and concern among some Federal Reserve policy makers over lower inflation. Many Fed policy makers expect that interest rates will have to be raised in the "near term", the minutes of the US central bank’s last policy meeting showed on Wednesday. However, some members expressed concern over the inflation outlook and emphasized they would be looking at upcoming economic data before deciding the timing of future rate rises. Spot gold was down 0.2% at $1,290.05 an ounce by 4.05am GMT. US gold futures for December delivery edged down 0.2% to $1,289.80. "There appears to be a bit of profit taking…. With the impending rate hike from the Fed next month, maybe (investors think) gold prices have gone a bit too high and will come down in the aftermath of the rate hike," said John Sharma, an economist with National Australia Bank. "The Fed h...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.