Gold Futures Holds Steady Near 6-Week Highs Ahead Of Fed Statement, But Brexit in Focus

Gold Futures Holds Steady Near 6-Week Highs Ahead Of Fed Statement

Prices of gold futures little changed in trading Wednesday after climbing to a maximum of 6 weeks during the previous session, as the market was expecting policy statement of the US Fed and amid concerns over a possible British exit from the European Union.

Gold for August delivery on the Comex Exchange inched up 75 cents, or 0.06%, to trade at $1,288.85 a troy ounce.

Spot gold was down 0.2 percent to $1,282.91 an ounce. Bullion touched a session-peak of $1,289.80 on Tuesday, its highest since May 6.

A release from the Fed is expected later in the day after the conclusion of their two-day meeting of the Federal Open Market Committee (FOMC).

Retail sales for the US rallied strongly in May suggesting that economic growth reached gaining momentum despite a sharp slowdown in creating employment.

The US economy is on track to grow at an annualized rate of 2.8 percent in the second quarter, forecasting model GDPNow Atlanta Federal Reserve on Tuesday showed.

The evidence that of the neutral rate US interest has remained stagnant near zero can slow the increases in the rates the Fed even more than expected.

A vote on June 23 for Britain to leave the EU of 28 members, called “Brexit,” could tip Europe into recession, putting further pressure on the global economy.

At Multi Commodity Exchange, gold for delivery in August shed Rs 65 or 0.21 per cent to Rs 30,493 per 10 grams as participants cut their bets amid a weak global trend.

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 Free

Advertisements

100McxTips is an experienced Mcx Commodity Research Advisory to predict investors buying and trading trends at various market environments. For free trial advisory on commodity Gold, Silver, Crude, Copper and all Indian Commodities kindly visit us and submit an query form at 100mcxtips free trial tips here.

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
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: