Bengaluru — Gold prices eased on Thursday as the US Federal Reserve forecast a slightly faster pace of interest rate hikes this year, although lingering concern over the trade tension between Washington and Beijing prevented steeper losses.Spot gold was down 0.1% at $1,298.51/oz at 3.49am GMT. It touched an over one-week low at $1,292.15/oz in the previous session.US gold futures for August delivery rose 0.1% to $1,302.20/oz."It [the rate hike] is all priced in and obviously there are a lot of uncertainties looking past this which is supporting gold prices in our view," said Richard Xu, a fund manager at HuaAn Gold, China’s biggest gold exchange-traded fund (ETF)."Its muted response to the Federal Reserve increase is because a lot of safe-haven demand is going to take place.… The trade war drama is not going to end anytime soon, it is probably going to be exasperated over the next month or so." The US Federal Reserve raised interest rates on Wednesday, and signalled two additional h...
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