Gold slippery as US dollar index hits seven-week top

COMEX Gold futures slipped for a third session as a drop under $4400 per ounce extended amid firm US dollar and hawkish comments from the US Fed officials. Tom Barkin, President of the Federal Reserve Bank of Richmond highlighted that the US inflation is above the Fed?s 2 percent target for more than five years. He also talked about strength in labor market, potentially reflecting a further hike in US borrowing costs. New York Federal Reserve President John Williams stated yesterday that the Fed?s system for managing monetary policy has worked well, while the framework can be modified as financial markets change. The US dollar index broke well above 100 mark following this and hit a seven-week high. COMEX Gold futures drifted lower and currently trades at $4365 per ounce, down 0.27% on the day. MCX Gold futures are down 0.34% at Rs 152199 per 10 grams. It tested highs around Rs 153000 per 10 grams before sliding.

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