Yellow metal steady ahead of US Fed rate decision

Yellow metal steady ahead of US Fed rate decision

01/02/2017 15:39

Gold futures were little changed during afternoon trade in the domestic market on Wednesday as investors and speculators extended their positions in the precious metal as demand for safe-haven emerged as traders waited to see the US Federal Reserve decision on interest rates amid uncertainty over President Trump’s policies.

Donald Trump’s move mounted criticism and protests in major American cities.

The US Fed likely to keep interest rates unchanged today in its first policy decision since President Donald Trump took office, as the central bank awaits greater clarity on his economic policies.

Fed raised interest rates in December, at that time it signaled as many as 3 rises in 2017 as the Trump administration takes over with promises to boost growth via tax cuts, spending and deregulation.

At the MCX, gold futures for February 2017 contract is trading at Rs 28950 per 10 grams, up by 0.03 per cent, after opening at Rs 28873, against a previous close of Rs 28942. It touched the intra-day high of Rs 29095 (at 15:28 hours).

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