Gold Futures Declines Before Federal Reserve Two-Day Meeting

Gold Futures Declines Before Federal Reserve Two-Day Meeting

Trading in Gold futures declined on Wednesday, ahead of the Federal Reserve’s concludes its two-day meeting. Image Source: http://bit.ly/1G3WAP8

Trading in Gold futures declined on Wednesday, ahead of the Federal Reserve’s concludes its two-day meeting.

US gold futures for delivery in August fell 0.5 percent to $ 1174.60 on the Comex in New York, after dropping 0.4 percent late on Tuesday.

Later in the day, the Fed will release its minute rate statement, which describes the economic outlook and the factors which affect the policy decision. The central bank will also unveil its latest estimates for economic growth and interest rates.

Fed President Janet Yellen is to perform what they will be a press briefing followed by near-30 minutes after the release of the declaration since investors seek any clear signal about a possible timeline to go hiking interest rates.

Latest economic reports have indicated that the US economy was regaining strength after recruitment in the first quarter, fueling speculation that the Fed could raise rates as early as September.

The metal has dropped as debt turmoil in Greece boosted the dollar gains, cutting demand for bullion as an alternative.

Europe wishes Greece to make cost cuts worth € 2 billion in order to secure an agreement to open additional funds before their rescue expires at the end of June and has to pay € 1.6 billion to the IMF.

But the comments of Prime Minister Alexis Tsipras on Tuesday in which he charged that creditors of the county of trying to “humiliate” more cuts Greece Athens indicated that is clinging to a hard line in negotiations.

Failure to reach an agreement would result in Greece defaulting on payments and leave the Eurozone.

Amid investors awaited the outcome of a Federal Reserve meeting this week, at Multi Commodity Exchange, delivery in August contract of gold fell by Rs 53, or 0.20%, to Rs 26,903 per 10 grams.

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