Gold slips on technical selling; Fed stance caps fall

How Did the Fed’s Rate Hike Impact Precious Metals

How Did the Fed’s Rate Hike Impact Precious Metals

World markets baulked on Monday at the G20's decision to drop a decade-old pledge to resist trade protectionism, with stocks, the dollar, oil and the price of many major sovereign bonds all sliding into the red.

Mumbai: The Indian rupee on Tuesday weakened marginally against the USA dollar, tracking the losses in the Asian currencies markets.

U.S. WTI crude futures lost 0.78 percent, trading down 38 cents to $48.40 per barrel.

Caution prevailed over U.S. and European stock markets after financial leaders of the world's biggest economies made only a token reference to trade on Saturday, acquiescing to an increasingly protectionist United States after a two-day G20 meeting failed to yield a compromise.

Breaking a decade-long tradition of endorsing open trade, G20 finance ministers and central bankers made only a token reference to trade in their communiques on Saturday.

The FTSE 100 hit record highs last week but drifted lower earlier.

At 9.15am, the home currency was trading at 65.42, down 0.08% from its Monday's close of 65.36. As a result, MSCI's global benchmark equity index was little changed.

Colorado wildfire forces hundreds of people to evacuate their homes
The fire has burned just over 60 acres a couple of miles from the university town's main shopping and dining thoroughfare. Firefighters plan to monitor the perimeter of the 62-acre fire and focus on protecting structures overnight.

Chicago Federal Reserve President Charles Evans, in one of the first official comments after the Fed raised rates as expected last week, reiterated that message on Monday. The dollar didn't show much reaction, taking its cue instead from the moves in USA yields.

The greenback, down 0.16c to $1.2412 against the pound, fell for a fourth day running against a basket of global currencies, the longest losing streak since early November.

Denting the bullish gold narrative somewhat, holdings of SPDR Gold, the world's largest gold-backed exchange-traded fund, fell 0.35 percent to 834.10 tonnes on Friday.

"I think markets are focussed on comments made by FOMC members to get a better idea of the path forward for policy and how that will translate for the dollar", said Sireen Harajli, FX strategist at Mizuho in NY.

But investors returned to buying in early Asian business, with Hong Kong up 0.2 percent at lunch, building on a three-day rally that has pushed it to levels not seen since the summer of 2015.

The leading candidates clashed in a televised debate on Monday, with centrist Emmanuel Macron accusing far-right leader Marine Le Pen of lying and seeking to divide the French.

Oil prices stayed under pressure, though they hovered above their 3-1/2-month lows touched a week ago, as investors continue to grapple with worries about growing US oil output and high inventories.

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