Gold Prices Snaps Losing Streak; Hold Above $1,200 as Investors Eye Fed Minutes

Bullion Hold Above $1,200 as Investors Eye Fed Minutes

Prices of gold futures were little changed above $1,200 level in a volatile session that saw the metal swing between gains and losses as markets consolidated recent gains. In addition to investors was realized ahead of the minutes of the January policy meeting of Fed for fresh indications on whether the US central bank will raise interest rates throughout the year.

Gold for April delivery on the Comex Exchange dipped 80 cents, or 0.07%, to trade at $1,207.40.

Spot gold rose 0.5 percent to $1,205.56 an ounce, after earlier dropping to a session low of $1,195.40. It lost 3.7 percent in the previous three sessions.

Investors focus on the minutes of the January policy meeting by the Federal Reserve on Wednesday.

The Fed left interest rates unchanged after their meeting on January 27 and said he was “very closely” the global economic and financial developments.

Fed President Janet Yellen said last week that financial conditions have grown less favorable to growth as foreign developments pose risks to economic prospects but also maintains a moderate growth at home would justify “gradual adjustments “a stance of monetary policy of the Fed.

The stabilization of the market, after the defeat last week on worries about the global economy, reduced investor interest in gold as a safe haven asset. The yellow metal peaked a year of $ 1260.60 an ounce last week.

Earlier in the week, Goldman Sachs also said that investors should short gold, believing that the recent rally has been exaggerated.

Sentiment was not helped by the news that John Paulson, one of the investors most influential gold in the world, was cut bets bullion late last year by reducing its stake in the upper exchange gold-backed exchange-traded fund by 37 percent.

At the Multi Commodity Exchange, gold for delivery in April rose by Rs 31 or 0.11% to Rs 28,930 per ten grams as traders raised bets amid positive cues from the global markets.

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