Gold Rallies $10 As Bullion Investors Count Down Hours Before Fed’s Meeting, Yellen Remarks

Gold Rallies $10 As Bullion Investors Count Down Hours Before Fed's Meeting, Yellen Remarks

The prices of gold rose on Wednesday as market players looked ahead a meeting of the Federal Reserve is likely to result in the first such increase interest rates in the United States in nearly a decade.

Gold for February delivery on the Comex Exchange jumped $11.80, or 1.1%, to trade at $1,073.30 a troy ounce.

Gold gained as much as 0.5 per cent to $1,066.55 an ounce. The precious metal on Monday dropped to $1,058.95, the lowest since December 4.

The Fed is expected to raise interest rates by 25 basis points at the end of its policy meeting at 2:00 pm on Wednesday. The Fed will also release its latest forecasts for growth and financial interest rates.

Fed President Janet Yellen is to perform what will be a press conference followed by near-30 minutes after the publication of the statement of the Federal Reserve.

With a rate hike and higher prices in part, market participants now target how fast the Fed will tighten monetary policy in 2016.

The yellow metal is on track to a third annual decrease as the focus remains on the prospects for the start of the higher rates, which buffer its appeal as bullion not pay interest.

The gold futures contract traded on the MCX has been stuck inside a narrow range after its sharp rally in the first week of this month.

It is currently trading near the lower end of the range at Rs 25,470.

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

Commodity Tips Provider

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

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: