Gold Futures Prices Climbs Near 1-Month Low As Dollar Retreats Ahead Of Fed Meeting

Gold Futures Prices Climbs Near 1-Month Low As Dollar Retreats Ahead Of Fed Meeting

Prices of US gold futures ended higher on Tuesday holding near a one-month low as the greenback was down before a policy meeting two days from the Fed this week, which will be followed closely for clues on the outlook interest rates in the United States.

Gold for December delivery on the Comex Exchange tacked on 20 cents, or 0.02%, to trade at $1,327.40 a troy ounce.

Spot gold was up 0.4 per cent at $1,320.01 an ounce.

The Fed not be expected to take action on interest rates at the conclusion of its meeting on Wednesday, market participants analyze its policy statement in search of fresh tracks at the time of rising interest rates during the next months.

A subsequent widening expectations of further increases in interest rates in the United States, which rose for the first time in nearly a decade in December, has helped drive gold up 24 percent this year.

The dollar dropped a quarter percent against a basket of currencies, largely due to a rebound in the yen after traders rebranded expectations about how the new authorities of both Japanese stimulus being injected into the economy in crisis .

Holdings of the world’s largest funds backed exchange-traded, SPDR Gold Shares gold, declined 0.46 percent to 958.69 tonnes on Monday.

Gold for delivery in far-month October dropped by Rs 63 or 0.20 per cent to Rs 31,188 per 10 gram at the Multi Commodity Exchange as speculators reduced their positions.

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