Gold futures prices holds above $1,300 ahead of Fed policy meeting

Gold futures prices holds above $1,300 ahead of Fed policy meeting

Gold futures prices higher in the given range trade on Tuesday, since investors remained cautious ahead of the two-day Federal Reserve policy meeting  will begin at end of day.

Spot gold was little changed just above $ 1,300 an ounce today, with the support of geopolitical tensions in the Middle East and Ukraine, with investors also focusing on employment data from the United States.

The Federal Reserve begins its two-day meeting later Tuesday, with market watching for clues as to when the central bank of the United States start to increase interest rates markets. The Fed on Wednesday draw up a declaration at the end of the meeting.

Spot gold remained stable in $ 1,303.70 an ounce, after dropping by 0.3 percent in the previous session.

The US Exchange, gold  December futures rose 0.27%, or $ 3.50, to trade at $ 1309.30 a troy ounce during European morning hours. Prices took place in a narrow range between $ 1305.90 and $ 1309.50.

Gold ended Monday’s session up 0.04%, or 50 cents, to settle at $ 1305.80 an ounce.

Last week, gold decreased 1% back under US $ 1,300 an ounce whereas silver stuck to his’ leveraged gold’tendency declining 2.3%, but still above the level  $20/ Oz  more seen ETF Securities Ltd (ETFs), said in a weekly report.

ETFS report further stated that China’s gold demand downhill by 19% in the first semester of 2014 also weighed on market sentiments.

Traders were looking forward to the policy statement by the Fed on Wednesday. The central bank is likely to stick to its timetable to cut its monthly bond purchases another $ 10 billion to a total of $ 25 billion a month.

Meanwhile, flash estimate Wednesday for economic growth and second trimester of Friday The US July jobs report is expected to denote both that an economic recovery continues.

Earlier this month Fed President Janet Yellen said rates could rise sooner if retrieval in the labor market remained.

Notes of robust economic recovery could result in the Fed to raise rates sooner than expected. The highest rates could stimulate investors to cash withdrawals from not accruing interests assets such as gold.

Bullion, viewed as a safe haven asset, have benefited from the tensions between the West and Russia. The US and European leaders agreed on Monday to impose broader sanctions in the financial, defense and energy from Russia.

In physical markets, demand underwent as buyers were waiting on the sidelines for a possible price drop.

 

For latest commodity market tips, MCX tips, news & updates  with 100McxTips Commodity Trading Advisory, follow us on Twitter and Like on Facebook

Advertisements

100Mcxtips an experienced commodity advisory to predict investors buying and trading trends at various market environments. For more information on commodity bullions Gold, Silver and all Indian Commodities. Kindly visit us fill an query form at 100mcxtips.com.

Posted in Commodity, MCX, Stocks Market

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Free Crude Oil Tips
Free Trial Crude Trading Tips
Contact & Visit Info
+91-761-4012307
M-Sat : 10am - 7pm
NG Trading Tips
Free Trial Commodity Tips
Disclaimer: 100McxTIps would like to remind you that the data contained in this website is not necessarily real-time nor accurate. Bulloin Futures prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore 100McxTips doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
%d bloggers like this: