Gold Prices Under Pressure Ahead of Hawkish BOJ, Fed Policy Meetings

Gold Prices Under Pressure Ahead of Hawkish BOJ, Fed Policy Meetings

Gold futures prices fell sharply on Monday extending losses from late last week, as investors braced for further declines ahead of investors looked to a raft of central bank meetings and rate decisions this week.

Gold for April delivery on the Comex division of the New York slumped $15.50, or 1.23%, to trade at $1,243.90 a troy ounce.

Globally, gold fell 0.6% to $1,256.88 an ounce in Singapore.

Market participants were preparing for the policy decision of the Bank of Japan due on Tuesday, followed by rate announcement by the Fed on Wednesday and the Bank of England meeting on Thursday.

Since jumps to 13-month highs in early March, gold has closed lower in six of the last seven sessions. Bullion is still over 16% from the beginning of the year, the pace of one of its strongest opening quarter in 30 years.

On Friday, prices of gold at a 14-month high of $ 1,287.80 soared after President of the European Central Bank, Mario Draghi deployed measures of fresh stimulus, including increased asset purchases and the deeper notch to deposit rates, but they noted that there would be cuts additional fees.

At Multi Commodity Exchange, gold for delivery in April contract was trading lower by Rs 73 or 0.25% at Rs 29,427 per 10 grams.

Bullion analysts said cut of positions at prevailing levels by speculators led to the fall in precious metals prices at futures trade but a firming trend overseas, capped the losses.

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