Yellow metal little changed ahead of Fed decision

Yellow metal little changed ahead of Fed decision

14/06/2017 14:08

Gold futures were little changed during afternoon trade in the domestic market on Wednesday as investors and speculators awaited further cues on market direction ahead of the outcome of a US Fed’s policy meeting later in the day, which could provide further clues over the timing of interest rate hikes this year.

Further, the US central bank is widely expected to raise interest rates at its two-day meeting. Meanwhile, the focus will be on any fresh hints on the pace of further tightening in the months to come and next year, and any further details on its plans for trimming its balance sheet.

At the MCX, gold futures for August 2017 contract is trading at Rs 28920 per 10 grams, down by 0.08 per cent, after opening at Rs 29050, against a previous close of Rs 28944. It touched the intra-day low of Rs 28912 (at 14:01 hours).

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