Gold futures prices edged lower on Wednesday, as market participants awaited the Federal Reserve’s policy statement for clues on the outlook for the US central bank’s next monetary tightening.
Comex gold futures were at $1,247.11 a troy ounce, down $5.10, or about 0.4%. Spot gold fell 0.27 per cent to $1,245.16 per ounce
MCX Gold was down 0.39 per cent, or Rs 112, at Rs 28,366 per 10 gram.
It is expected that the Federal Reserve to take action on interest rate policy at the end of a two-day meeting at 2:00 pm EST (1800GMT), and remains in a range between 1.0% -1.25%.
The Central Bank statement will be issued after the meeting, as investors looking for any change in the language can be more clearly refers to the timing of the lifting of the next interest rate. The players in the market also will pay close attention to the details of when the Fed will begin to cut its balance sheet of $ 4.5 trillion.
The Fed’s comments on inflation will also be a focus.
As of Investing.com Fed’s high interest rate in the market before the end of the year, as predicted only 40% of the players in the market another move by the month of December, which raised expectations of weak inflation doubts about whether policy makers will be able to stick to their plans to tighten the track.
The focus will also be on the headlines coming from Washington, where the Senate is expected to continue work on the abolition of Obamakar. This will continue to investigate the relations of US President Donald Trump’s campaign with Russia’s attention.
Latest holdings at the SPDR Gold Trust, slipped 1.13 per cent to 800.45 tonnes on Tuesday from 809.62 tonnes on Monday.
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