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Gold futures extended a prolonged losing streak in the
domestic market on Tuesday as investors and speculators exited
positions in the precious metal amidst heightened speculation that
the US Federal Reserve will undertake a maiden interest rate lift-off
since 2006, in the coming months, curbing the lure for the bullion as
a store of value.
A leading official from the US Federal Reserve
sees a strong likelihood of the world’s top central bank raising
borrowing costs in September, with inflation showing signs of picking
up towards the Fed’s goal and labour market on the upswing.
James Bullard, Federal Reserve Bank President has
said that, the odds of the Fed raising rates at its next policy meet
in September are better than 50 per cent, backing up Fed Chair Janet
Yellen’s recent statement which signaled an increased likelihood of
a hike in borrowing costs at some point in 2015 amidst an improvement
in the world’s biggest economy.
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