SELL GOLD ON RALLIES AS RATE HIKE CONCERNS WEIGH : MIRAE ASSET SHAREKHAN

What happened: Praveen Singh, head of commodities at Mirae Asset Sharekhan, said spot gold faces heavy selling pressure on rate hike concerns as inflation runs hot, and advised selling into rallies. Key numbers: Spot gold fell to $4073 on October 14, lowest since October 7, and traded at $4150, up 1.1 percent. October range: $4066 to $4227. Why it matters: Hot US CPI and PPI data spurred rate hike concerns, weighing on gold, though lower yields, mixed oil prices and a weaker dollar cushioned the decline. Fed commentary has been largely dovish, hinting at a pause in October.

Praveen Singh, head of commodities at Mirae Asset Sharekhan, said spot gold faces heavy selling pressure on rate hike concerns as inflation runs hot, and advised selling into rallies.

Hot US CPI and PPI data spurred rate hike concerns, weighing on gold, though lower yields, mixed oil prices and a weaker dollar cushioned the decline. Fed commentary has been largely dovish, hinting at a pause in October.