Gold Futures Down Near One-Month Low as Traders Eye Fed Meeting

Gold Futures Down Near One-Month Low as Traders Eye Fed Meeting

US gold futures extended losses on Monday in Asian trading near their lowest level in a month, as investors hoping for a monetary policy meeting by the Federal Reserve this week for better clarity about when the US central bank will increase interest rates.

On the Comex, Gold for December delivery declined by 0.20% to $1,105.70 a troy ounce. Spot gold had dropped 0.2 percent to $1,105.40 an ounce.

In China over the weekend, the data showed investment on fixed assets increased by 10.9%, just below the 11% seen, whereas industrial output gained 6.1% below sales of 6.4 % expected and retail rose 10.8%, above the 10.5% recorded.

The Federal Reserve will start a two-day policy meeting on Wednesday, with an anticipated statement Thursday.

Gold prices have been affected this year by uncertainty on when to the first rate hike by the Fed in almost a decade.

Data on Friday showed that consumer trust reached its lowest level in a year early September and the prices of production remained stable in August, indicating moderate economic growth and controlled inflation could weigh on the decision Fed either to hike interest rates.

The hedge funds and money managers trimmed their bullish bias in the COMEX gold contracts for a minimum of three weeks for the week ended September 8, US data Commodity Futures Trading Commission released on Friday.

With a gain of 0.3 per cent on MCX gold is trading over Rs 26,000.

In Delhi, gold of 99.9 per cent and 99.5 per cent purity held steady at Rs 26,360 and Rs 26,210 per 10 grams, respectively as the precious metal weakened in global markets.

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