Gold Prices Little Changed Ahead of Fed Meet on US Rate Hike Views

Gold Prices Little Changed Ahead of Fed Meet on US Rate Hike Views

Gold prices were little changed in a familiar trading range on Tuesday, wounding losses overnight, after data showed that the consumer price inflation in the US was flat in November, while prices excluding food and energy costs rose modestly.

Spot gold ticked up 0.1 per cent to $1,064.12 an ounce, after a 1.1 per cent slide on Monday. The price is only about $20 short of a near six-year low of $1,045.85 reached earlier this month.

Gold for February delivery on the Comex slumped 60 cents, or 0.06%, to trade at $1,062.80 a troy ounce.

The United States Department of Commerce said consumer prices were unchanged from the previous month, to meet expectations and after a 0.2% gain in October. Year after year, consumer prices were 0.5% higher compared to the same month last year, compared with expectations for a 0.4% increase.

Consumer prices, excluding the costs of energy and food, rose 0.2%, meeting expectations. On an annualized basis, the core CPI rose at a rate of 2.0% last month, in line with expectations and compared with 1.9% the previous month.

A separate report showed that the Federal Reserve Bank of New York index terms of business improved to -4.6 this month from a reading of -10.7 in November. Analysts had forecast the index to rise to -6.0 in December.

In its latest monetary policy meeting of the year that begins later On Tuesday the Federal Reserve is expected to raise interest rates in the United States for the first time since June 2006.

It is expected that the US central bank to raise rates by a quarter percentage point at the end of their two-day meeting on Wednesday.

MCX gold is trading flat around Rs 25 340.

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