Gold Off Near 1-Month But Gains Capped Lows Ahead of Fed Meet

Gold Off Near 1-Month But Gains Capped Lows Ahead of Fed Meet

Prices of gold futures pushed higher on Wednesday, taking a month off, but gains of the previous week, as investors awaited to hear about the outlook for interest rates in the United States from a policy meeting of the Federal Reserve that starts later in the session.

U.S. gold futures for December delivery were up 0.49% to $1,108.00 an ounce on the Comex. Spot gold eased 0.1 per cent to $1,103.95 an ounce.

Investors were looking ahead to the outcome of the policy setting meeting Fed began two days later in the day amidst the uncertainty over whether the central bank may raise interest rates in the short term, first time in nearly a decade on Thursday.

The uncertainty about when to a rate hike weighed on gold throughout the year, send in excess of 6 percent. Higher rates could dent demand for lack of interest paid by bullion, while enhancing the dollar.

Data on Tuesday showed consumer spending grew at a very healthy pace in the past two months, aimed to the underlying strength in domestic demand that could be strengthened case for the Fed to hike interest rates on Thursday.

The dollar strengthened in Asian trade on Wednesday, boosted by a rise in US yields after data optimistic consumer spending kept alive hopes that the Fed may raise interest rates this week.

Gold prices on MCX futures market were trading flat on Wednesday. MCX Gold December contract was trading at Rs 26182 up Rs 21, or 0.08 percent.

For Commodity Market Tips, MCX Live Tips, Gold-Silver Prices and trading market latest news & updates  with 100McxTips, follow us on Twitter @100mcxtips and Like on Facebook.  And to contact the reporter on this story email at or Call: +91-761-4012307

Mcx Commodity Tips



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, MCX, 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 )

Google+ photo

You are commenting using your Google+ 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 )


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: