Gold rises as investors await Fed meet outcome : 25/09/2018
Gold rises as investors await Fed meet outcome
25/09/2018 06:40
Gold futures closed higher in the domestic market on Monday as investors awaited what’s widely expected to be the Federal Reserve’s third interest-rate hike of 2018 this week. Fed policy makers will meet for a two-day meeting ending Wednesday and the market is pricing in over a 90% chance of a quarter-point rate increase. The Fed has penciled in four moves in total this year and that means another hike is likely in December, though traders have shown some flashes of wavering confidence of late, citing trade uncertainty and global economic hiccups. That uncertainty puts added emphasis on the Fed’s statement. Higher interest rates tend to boost the dollar and cut demand for nonyielding bullion in favor of assets delivering an attractive relative yield. At the MCX, gold futures for October 2018 contract ended at Rs 30842 per 10 grams, up by 0.85 per cent, after opening at Rs 30,613 against a previous close of Rs 30,582. It touched the intra-day high of Rs 30,892.
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Gold rises as investors await Fed meet outcome
25/09/2018 06:40
Gold futures closed higher in the domestic market on Monday as investors awaited what’s widely expected to be the Federal Reserve’s third interest-rate hike of 2018 this week. Fed policy makers will meet for a two-day meeting ending Wednesday and the market is pricing in over a 90% chance of a quarter-point rate increase. The Fed has penciled in four moves in total this year and that means another hike is likely in December, though traders have shown some flashes of wavering confidence of late, citing trade uncertainty and global economic hiccups. That uncertainty puts added emphasis on the Fed’s statement. Higher interest rates tend to boost the dollar and cut demand for nonyielding bullion in favor of assets delivering an attractive relative yield. At the MCX, gold futures for October 2018 contract ended at Rs 30842 per 10 grams, up by 0.85 per cent, after opening at Rs 30,613 against a previous close of Rs 30,582. It touched the intra-day high of Rs 30,892.
