Gold Steadies, Amid Investors Await Release of Fed’s Sept. Minutes

Gold Steadies, Amid Investors Await Release of Fed's Sept. Minutes

US gold futures was steady on Wednesday before the publication of the minutes of the meeting of the Federal Open Market Committee in September on Thursday afternoon. In addition to the slow US economic data, which heightened expectations that the Federal Reserve to delay raising interest rates in the United States until next year.

On the Comex, gold for December delivery traded between a low of $1,141.40 and a high of $1,153.20 before settling at $1,145.10, down 1.30 or 0.11% on the session.

Spot gold rose 0.1 percent to $1,147.91 an ounce, after earlier touching $1,152.90, its highest level since Sept. 24.

Investors waiting the publication of the minutes of meeting in September of the Fed on Thursday for more clues on If the US central bank may raise interest rates in the short run prior to the end the year.

Last month, the FOMC voted to leave its benchmark federal funds rate at the present rate by zero and 0.25%, marking the 55th straight meeting decided to maintain the rate unchanged at closer to zero level.

While one member of the FOMC, president of the Richmond Fed Jeffrey Lacker voted in favor of an increase of 0.25%, four others felt that the Fed should wait until 2016 before climbing the short- term rates. Comparatively in June, only two FOMC members were in favor of delaying a rate hike until the following year.

Whereas the FOMC said it had seen significant improvements in the US economy since it last convened in July, also expressed his concern that the winds insignificant against weakness in China and the global economy in general could dampen growth procedure.

After the meeting, Fed President Janet Yellen said it was likely that the FOMC may raise rates before the end of the year unless unforeseen events over the coming weeks. Last week, the seeds, however, a sad employment report for September US could have sown doubt among FOMC members if a rate hike this year should be appropriate.

United States exports were impacted by a global economy in crisis in August and imports from China surged, fueling the growing expansion of US trade deficit in five months, data showed on Tuesday.

Gold futures delivery for December contract was trading at Rs 26704 up Rs 83, or 0.31 percent on Wednesday at MCX.

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