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Gold holds below $4,700 amid Fed rate concerns
14-May-2026 14:31
Gold traded below $4,700 an ounce on Thursday after falling for a second straight session as stronger US inflation data reinforced expectations that the Federal Reserve may keep interest rates higher for longer or even consider another rate hike. US consumer inflation rose to 3.8% in April, while wholesale inflation recorded its fastest increase since 2022, driven by higher trade and energy costs linked to the Iran conflict. Meanwhile, MCX gold futures traded slightly lower near Rs 1,62,111 per 10 grams after touching around Rs 1,64,500 yesterday, following the government's decision to raise the effective import duty on gold and silver to 15%. Prime Minister Narendra Modi's appeal to reduce gold buying has also highlighted concerns over India's rising import bill, while policymakers remain cautious that higher global gold prices could increase illegal gold trade and smuggling risks.

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