Gold Prices Holds Near $1230, Ahead of Fed Reserve Outcome

Gold Prices Holds Near $1230, Ahead of Fed Reserve Outcome

Gold futures prices were stabilized near $ 1.230 an ounce on Wednesday, since investors remained cautious ahead of the results of a much anticipated meeting of the Federal Reserve whether or not to hike US interest rates earlier or keep them down for longer.

The Fed concludes its policy meeting two days later on Wednesday that expected to end its bond purchases amid signs of strength in the US economy.

But politicians will likely to reinforce its stated policy of wait longer before elevating interest rates after a volatile month in the financial markets.

On the Comex, US gold futures for December delivery quoted at $ 1,229.00 a troy ounce during early European morning trade hours, down 40 cents, or 0.03%. A day before, prices fell to a two-week high of $ 1222.20, before rallying to close at $ 1229.40, up 10 cents, or 0.01%. Futures were likely to find support at $ 1222.00, the low of October 15 and resistance at $ 1255.60, the high of October 21.

“Before US Fed meeting decision, the trading is extremely sluggish in gold and silver. In domestic and international market, gold remains around yesterday’s level. Gold is not getting much currency support. MCX gold is currently trading around Rs 27,200 with marginal gains of 0.1 per cent. While silver is trading above Rs 38,200 gained 0.2 percent.” said 100McxTips commodity experts.

Hold interest rates low in the United States for a longer period bodes well for non-interest bearing assets such as gold.

The data released Tuesday gives the reason the US central bank to hold off from squeezing monetary policy, with the demands of capital assets made in the United States drops more by eight months in September.

The real estate sector in the US has also retained in great soft part. The S & P / Case-Shiller composite index of housing prices in 20 metro areas gained 5.6 percent in August compared to last year, the slowest since November 2012 yearly increase.

The dollar index, which tracks the performance of the US currency versus a basket of six major rivals, remained stable at 85.44.

The dollar weakened against most major currencies on Tuesday after a separate report showed that US orders for manufactured durable goods were unexpectedly much lower for second consecutive month in September.

For latest commodity market tips, MCX tips, news & updates  with 100McxTips Commodity Advisory, follow us on Twitter and Like on Facebook.  And to contact the reporter on this story email at or Call: +91-761-4012307

Sureshot commodity tips free trial


MCX Commodity Tips is an experienced Commodity Research Advisory to predict investors buying and trading trends at various market environments. For free trial advisory on commodity Gold, Silver, Crude, Copper and all Indian Commodities kindly visit us and submit an query form at commodity free trial tips here.

Posted in Commodity, Stocks Market

Leave a Reply

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

You are commenting using your 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
M-Sat : 10am - 7pm

Error: Twitter did not respond. Please wait a few minutes and refresh this page.

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: