Yellow metal lower ahead of Fed meet
17/12/2014 11:50
Gold futures stayed lower in the domestic market on Wednesday as investors and speculators stayed cautious ahead of booking fresh positions in the precious metal ahead of the conclusion of the Federal Reserve’s two-day policy meet today where the US Fed may offer some cues over the timing to raise interest rates for the first time since 2006.
The Fed may assess whether to retain its pledge to keep interest rates at low levels for a “considerable time”. A decision to drop that commitment may signals higher borrowing costs in the near-term, a move which will be bearish for gold, that tends to benefit from ultra-loose monetary policies.
Gold futures for February 2015 contract, at MCX, is trading at Rs. 27,133 per 10 grams, down by 0.22 per cent, after opening at Rs. 27,150, against the previous closing price of Rs 27,194. It touched an intra-day low of Rs 27,132. (At 11:37 AM).
17/12/2014 11:50
Gold futures stayed lower in the domestic market on Wednesday as investors and speculators stayed cautious ahead of booking fresh positions in the precious metal ahead of the conclusion of the Federal Reserve’s two-day policy meet today where the US Fed may offer some cues over the timing to raise interest rates for the first time since 2006.
The Fed may assess whether to retain its pledge to keep interest rates at low levels for a “considerable time”. A decision to drop that commitment may signals higher borrowing costs in the near-term, a move which will be bearish for gold, that tends to benefit from ultra-loose monetary policies.
Gold futures for February 2015 contract, at MCX, is trading at Rs. 27,133 per 10 grams, down by 0.22 per cent, after opening at Rs. 27,150, against the previous closing price of Rs 27,194. It touched an intra-day low of Rs 27,132. (At 11:37 AM).
