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Gold prices decline, US Fed rate hike feared

Price of gold has declined again; In the Indian bullion market, the rate of 24 carat 10 gram gold is still trading below Rs 60,200. Gold rate fell by Rs 346 and is trading at Rs 60,169. On April 28, the price of silver fell by Rs 34 and the rate of silver has come down to Rs 73,934.

On account of stronger than expected US inflation and labour data, market is buzz about 25 bps rate hike by the US Fed in its upcoming meeting next month. This led to slide in gold price in early morning deals in Asian and Indian markets.

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