Gold futures prices rose about 2-week high on Tuesday, as the U.S. dollar continued to head south in wake of the Fed dovish guidance on the future pace of rate hikes.
Comex gold futures jumped to a session peak of $1,237.95 a troy ounce, the highest since March 2.
Spot gold was down 0.4 percent at $1,228.61 per ounce. In the previous session, it touched its strongest since March 6 at $1,235.50.
The dollar index, which measures the strength of the dollar against a basket of six major currencies, fell 0.6 percent at 99.59 in the New York trade this morning, the weakest level since Feb. 3.
The US dollar has fallen since the Federal Reserve raised interest rates on Wednesday, but it has kept its expectations for two more this year, instead of three forecasts from the market.
Market players waited for comments from a number of Fed policymakers to get more clues about the timing of the next US interest rate hike.
On Tuesday, New York Fed Chairman William Dudley, Fed Chairman of the Federal Reserve in Kansas City, Esther George, and Federal Reserve Chairman Cleveland Loretta Mestre, are making public appearances. Federal Reserve Chairman Janet Yellen speaks on Thursday.
Analysts said “Gold prices fell on Tuesday, failing to break the major resistance but hovering near a two-week high in the previous session on expectations for the Fed’s less hawkish policy.”
GOld 99.9 purity gold edged lower by Rs 95 to Rs 28585 per 10 gm, while the price of 99.5 purity gold declined by Rs 95 to Rs 28435 per 10 gm
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