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.

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