Gold futures prices gain, Fed minutes meeting ahead

Gold futures prices gain, Fed minutes ahead

Gold futures prices rose on Wednesday because investors were positioned ahead of Fed minutes of meeting will be published later in the day.

On the Comex in New York Mercantile Exchange division, gold for delivery in August rose to a session peak of $ 1328.30 the, highest troy ounce from July 2, prior to trimming gains of the last trade of $ 1326.90 at during U.S. morning trade, up 0.79%, or $ 10.40.

Gold closed Tuesday’s session down 0.04%, or 50 cents, to settle at $ 1,316.50. Futures were likely to find support at $ 1,309.40, the low of July 3 and the short term resistance at $ 1,334.90, the high of July 1.

Spot gold rose 0.3 percent to U.S. $ 1,322.50 an ounce on LONDON Exchange.

The gold spot price was approaching a up to one week as the background of the world’s largest publicly traded gold, which appears in New York SPDR Gold Trust, informed a second consecutive session entries which was carried its holdings above 800 tonnes for the first time since mid-April.

At the Multi Commodity Exchange, gold for delivery in August moved up by Rs 111, or 0.40 per cent to Rs 27,630 per ten gram. MCX Gold rate hit an intraday high of Rs 27698 and an intraday low of Rs 27545. So far 4429 contracts have been traded. Gold prices have moved down Rs 1641, or 5.60 percent in the August series so far.

The markets were seeking the minutes of session in June of the Fed for more indications on the course of monetary policy. The Fed is widely expected that in means of ongoing worries about the slow growth of inflation and wages pessimistic stance adhere in the U.S.

Investors remained cautious amid worries that the recent U.S. data show that the job market continues strengthening not be sufficient to prompt the Fed to advance its schedule for raising interest rates.

The end of last week, official data showed the U.S. economy added a greater than-predicted 288,000 jobs last month, while the jobless rate labeled to 6.1%, the lowest in nearly six years.

 

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Posted in Commodity, MCX

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