BENGALURU, Oct 02 (Reuters): Gold prices inched up on Wednesday, after rising as much as 1.0 per cent in the previous session, as dismal US manufacturing data fanned fears of a sharp global economic slowdown and stoked bets of further interest rate cuts.
Spot gold was up 0.1 per cent at $1,479.43 per ounce, as of 0121 GMT. Prices hit a near two-month low of $1,458.50 on Tuesday, before climbing as much as 1.0 per cent during the session.
US gold futures were down 0.2 per cent at $1,485.4 an ounce.
US manufacturing activity tumbled to a more than 10-year low in September as lingering trade tensions weighed on exports, further heightening financial market fears of a sharp slowdown in economic growth in the third quarter.
Against a basket of currencies the dollar was slightly weaker, while global shares retreated to one-month lows on Wednesday.
US President Donald Trump once again lashed out at the Federal Reserve on Tuesday, in the wake of the weak manufacturing sector data, saying the central bank has kept interest rates "too high" and that a strong dollar is hurting US factories.
Fed has set monetary policy to where it can deliver on its 2.0 per cent inflation goal and there is scope to raise rates slightly over the next few years if the economy continues to grow, Chicago Fed President Charles Evans said on Tuesday.
© 2024 - All Rights with The Financial Express
