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.

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 support@100mcxtips.com or Call: +91-761-4012307

MCX Trading Tips

Advertisements

100Mcxtips an experienced commodity advisory to predict investors buying and trading trends at various market environments. For more information on commodity bullions Gold, Silver and all Indian Commodities. Kindly visit us fill an query form at 100mcxtips.com.

Posted in Commodity, MCX, Stocks Market

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com 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 )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Free Crude Oil Tips
Free Trial Crude Trading Tips
Contact & Visit Info
+91-761-4012307
M-Sat : 10am - 7pm
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: