Wednesday, 7 October 2015

PRECIOUS-Gold Well-Did On Expectations Of U.S. Rate Hike Delay

Gold held close to its highest in nearly two weeks on Wednesday, as more sluggish U.S. economic data supported investor views that the Federal Reserve will delay a rate hike to next year.


* spot gold= was little changed at $1,147.40 an ounce by 0039 GMT. The metal climbed to $1,151.20 in the previous session, its highest since Sept. 24.

* Data on Tuesday showed that U.S. exports took a hit from an ailing global economy in August and imports from China surged, fuelling the largest expansion of America's trade deficit in five months. ID:nL1N1260PQ

* The data, following a weak nonfarm payrolls report last week, showed the U.S. economy's vulnerabilities to a strong dollar and weak demand in foreign markets, which could impose further caution on the Fed's plans to hike interest rates for the first time in nearly a decade. ID:nL1N1260PQ

* Higher rates could dent demand for non-interest-paying gold.

* Fed Chair Janet Yellen said last month she expected the U.S. central bank to begin raising rates this year, but weak U.S. economic data since then and caution about the global economy has prompted many to push out expectations.

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  1. The BSE Sensex was down 0.15 per cent at 26,893. The 50-share index was down 0.19 per cent at 8,137. Tata Steel, ICICI Bank and ACC were down over 1.30 per cent each in the morning trade.

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