Gold Prices Little Changed Near 3-Month High as Dollar Slips Ahead of Fed

Gold Prices Little Changed Near 3-Month High as Dollar Slips Ahead of Fed

Gold prices were little changed near a three-month high in US trade on Wednesday, supported by a softer dollar as investors awaited the outcome of the Federal Reserve’s first policy meeting of the year.

Gold for February delivery on the Comex dipped 40 cents, or 0.04%, to trade at $1,120.00 a troy ounce

Spot gold was flat at $1,119.46 an ounce, not far below Tuesday’s peak of $1,122.90, its strongest since Nov 3.

It is not expected that the Federal Reserve to take a decision on interest rates at the conclusion of its policy meeting two days at 19:00 GMT, or 2:00 PM EST, Wednesday, but no change was observed in the tone of the economy and future rate hikes.

Many in the market expect the pace containment of future increases to be gradual due to the recent turbulence in global financial markets and concerns about tepid growth abroad and indications that economic growth stagnated in the fourth trimester.

A gradual path to higher rates is seen as less of a threat for gold prices to a rapid series of increases.

Attractive safe haven gold is again in vogue this year amid falling equities and oil prices, lifting bullion place about 6 percent so far this month. Gold fell by 10.4 percent in 2015.

The US dollar was lower against a basket of currencies as investors looked to the Fed statement due out at 1900 GMT. Asian stocks remained near the lows of the day.

Reflecting rising confidence in gold, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, stood at 21.52 million ounces on Tuesday, the highest since 5 Nov.

At the Multi Commodity Exchange, gold for delivery in far-month April spurted by Rs 361 or 1.37% to Rs 26,785 per 10 grams as speculators widened their bets, tracking a firming trend overseas.

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