Gold Edges Lower on Sluggish Demand as Markets Prepare for Fed Rate Hike

Gold Edges Lower on Sluggish Demand as Markets Prepare for Fed Rate Hike

Prices of gold futures fell on Monday, in addition to weak global cues as investors await a decision on increasing US interest rate at the last meeting of the Federal Reserve in 2015 amid expectations of a rate hike of 25 basis points, the first since June 2006.

Gold for February delivery on the Comex Exchange shed $3.60, or 0.33%, to trade at $1,072.10 a troy ounce.

Globally, gold fell 0.3 per cent to $1,071.25 an ounce in Singapore.

The Fed is expected to raise interest rates for the first time in nearly a decade at the conclusion of its policy meeting two days at 14:00 ET on Wednesday. The Fed will also announce its latest projections for growth and economic interest rates.

Fed President Janet Yellen is to accomplish what will be a press conference followed by near-30 minutes after the publication of the Fed statement, as investors look for signs on the path of future interest rate hikes . Many in the market expect the rate to be gradual increases amid worries about tepid growth abroad and diverging monetary policies between the US and other nations.

At the Multi Commodity Exchange, gold for delivery in April 2016 was trading lower by Rs 78, or 0.30%, at Rs 25,724 per 10 grams as participants cut down their bets, largely in line with a weak trend overseas.

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