Gold Futures Holds Near 4-Week High, Fed Meeting In Focus

Gold Futures Holds Near 4-Week High, Fed Meeting In Focus

Prices of gold futures were little changed on Tuesday holding about 4 weeks of the previous session up, as investors looked forward to the policy meeting of the Federal Reserve and Britain June 23 right to vote on whether to leaving the European Union.

Gold futures August delivery on the Comex Exchange dipped 75 cents, or 0.06%, to trade at $1,286.15 a troy ounce.

Spot gold had dipped 0.1 percent to $1,282.41 an ounce. Bullion touched a session-peak of $1,287.0 on Monday, its highest since May 16.

Although it is not expected that the US central bank to take action on interest rates at the conclusion of its policy meeting at 18: 00GMT, or 14:00 ET Wednesday, which could provide advice on its pace of tightening over the coming months.

Fed Chairman Janet Yellen is to perform what will become a conference tuning close press 30 minutes following publication of the Fed statement, since investors look for any change in the pitch of the economy or future increases rates. The central bank will also announce its latest projections for growth and rates of economic interest.

Investors will from all but dismissed a rate hike in June after US jobs data earlier this month showed that the economy added only 38,000 jobs last month, the smallest increase since Sept, 2010.

Market participants are assessing in only 2% probability of a rate hike this week and 23% for July, according to CME Group. September were likely to about 37%.

Tuesday’s data showed that retail sales rose 0.5% last month, beating forecasts for a gain of 0.3%, while core sales increased 0.4%.

Holdings in SPDR Gold Trust, rose 0.27 percent to 896.30 tonnes on Monday, the highest since October 2013.

At Multi Commodity Exchange, gold for delivery in far-month October was trading lower by Rs 56 or 0.18 per cent at Rs 30,568 per 10 grams as participants reduced their positions, largely in line with a weak trend overseas.

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