After 5 days fall gold salvaged and traded above an eight-month low since investors evaluate economic health of the United States prior to the Federal Reserve begins a two-day meeting today. Comex gold is trading at $ 1238.
Spot gold for immediate delivery raised and lowered 0.1 percent to $ 1,234.45 an ounce in Singapore. The metal fallen to $ 1,225.67 yesterday, the lowest level of eight month since Jan. 9 The relative strength index of 14 days performed below the level of 30 for the fourth day, signaling prices may the verge of recover.
Gold for December delivery with a gain of 0.19 percent on COMEX is trading at 1237.50 dollars per ounce. Yesterday, prices fell to $1,226.30, the lowest since eight month January, before rebounding. Holdings in the SPDR Gold Trust, last week snapped two weeks of declines.
“Investors will be attentive to the FOMC closely at how economic data still mixed, as RSI points to an overbooked market, gold may see a slight rise. During the night, gold prices gained after mixed data from the United States were given room for investors to get hold of positions very well in commodity.” said 100 Mcx Tips.
The Fed be announced their last monetary policy statement on Wednesday, and expectations that the central bank of the United States to reduce its program to buy monthly bonus for $ 15 million from $ 25 billion dollar gave certain support to the Monday, which it dilutes the progress of the yellow metal.
In the morning trade session, at MCX gold October futures price is trading above with 0.38% gains at Rs 26999.
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