Gold
futures fell for the second time in three sessions as comments from
some Federal Reserve officials fueled concern that the central bank may
raise interest rates this year.
Three
policy makers argued for lifting the Fed’s key rate before year-end,
days after a September increase was rejected amid financial-market
volatility and concern about an economic slowdown in China. Tighter
monetary policy curbs demand for gold because it doesn’t pay interest,
unlike competing assets.
The
comments counter bets by many traders that the Fed will wait until
2016. Interest-rate futures now give just a 20 percent chance of an
increase at the Fed’s October meeting, and almost 49 percent probability
of a move by December, according to data compiled by Bloomberg. On
Friday, odds of a December move were less than 46 percent.
Gold
futures for December delivery fell 0.4 percent to settle at $1,132.80
an ounce at 1:44 p.m. on the Comex in New York. Prices on Friday posted
the first weekly advance since Aug. 21 after the Fed held rates
unchanged.
While
this year has been marked by investors pulling money out of gold funds,
there are some recent signs of indecision. The amount of bullion held
in exchange-traded products has risen and fallen in alternating fashion
over the past six days, the longest period of see-sawing this year.
Assets increased by 0.8 metric tons to 1,517.3 tons, data compiled by Bloomberg as of Friday showed.
Source : Bloomberg
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