Gold futures steady above $1,290 as Federal Reserve meet

Gold futures steady above $1,290 as Federal Reserve meet

Fed is expected that keep rates on hold or unchanged this week, Bloomberg News survey of economists shows. Image Source: http://bit.ly/1zwPHrT

Gold futures lowered above $ 1290 an ounce on Wednesday, stripping the biggest gain in a week, as investors weigh the outlook for interest rates in the United States before the Federal Reserve concludes two-day meeting on Wednesday .

A weaker global economy may dampen the enthusiasm of the Federal Reserve to raise interest rates.

Spot gold was little changed or remains steadied at $1,293.30 an ounce, after rising nearly 1 percent on Tuesday.

Gold for April delivery fell 0.1 percent to $1,291.60 on the Comex. And gold for February delivery was also steady at $1,292.80 an ounce.

Gold futures rose on Tuesday, the most since Jan. 20, after data signaled a global slowdown may be hurting U.S. growth.

Fed is expected that keep rates on hold or unchanged this week, Bloomberg News survey of economists shows.

In the US, orders for durable goods fell unexpectedly in December, the Commerce Department data showed on Tuesday. This is clear a report on January 16 factory production showing cooled. The IMF and the World Bank cut the prospects for global growth this month.

On Tuesday, MCX Gold down nearly 1% amid a weak trend overseas and profit-booking by speculators. At MCX by flattening the gold is trading below Rs 27,890.

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