Gold futures finished higher on Wednesday rebounding from two-and-half year low rate, due to safe haven appeal of the bullion after Russian President Vladimir Putin’s remarks spurred fears of using nuclear weapons in Ukraine. Investor’s trivialised much anticipated Fed interest rate hike by 75 basis points. However, some gains remained trimmed after Federal Reserve indicated another 125 basis points rate hikes by the year-end. Stronger dollar and bond yields also pressured bullion buying.
Gold futures for December rose by $4.60 or 0.3% to $1675.70 an ounce on the Comex division of the New York Mercantile. While, spot gold up by 0.7% to $1,674.79 per ounce.