Investors sell gold holdings in longest run, ahead of Fed meeting

Investors sell gold holdings in longest run, ahead of Fed meeting

On the Comex, gold futures for delivery in April marginally up 90 cents, or 0.08%, to trade at $1,154.10 a troy ounce. Image Source: http://bit.ly/18Wz78u

Investors sold off stakes in gold-backed funds for a day 14, the longest run in over a year, after the Federal Reserve began a two-day meeting later in the day. Gold was little changed near a three-month low on Tuesday.

On the Comex, gold futures for delivery in April marginally up 90 cents, or 0.08%, to trade at $1,154.10 a troy ounce. Similerly, Gold for immediate delivery was little changed at $1,154.16 an ounce in London.

The bullion investors are waiting to see if the Fed decides that the US economy has gained enough momentum to justify the elimination of a promise to be “patient” in raising borrowing costs, which wet lure of gold as usually offer refunds only through the price increases.

The dollar has rallied with very little rest on the expectations of rising interest rates, and that the European Central Bank provided in contrast to the US.

Major Asian currencies ended higher against the dollar ahead of Fed is scheduled to begin its two-day policy meeting starting later on Tuesday.

Today local Indian currency opened at 62.78 per dollar and touched a high of 62.67;  closed at 62.72, up 0.16% from previous close of 62.81.

At the Multi Commodity Exchange, gold for delivery in April, lost by Rs 54 (or 0.21 per cent), to trade at Rs 25,729 per 10 grams, as bullion traders engaged in trimming positions amid weak global cues, before the Federal Reserve begins a two-day monetary policy meeting.

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