Gold prices almost flat ahead of Fed meeting outcome

3Dsculptor

Gold traded within a range on Wednesday after hitting the lowest in almost five months in the previous session, with investors in a holding pattern ahead of the outcome of a two-day meeting of the US Federal Reserve.

The Federal Reserve is widely expected to raise the fed funds target range by a quarter point at the conclusion of its two-day policy meeting at 2:00PM ET (1900GMT) on Wednesday, which would put it in a range between. A dollar-denominated commodity, gold becomes more expensive for overseas buyer when the US currency grows stronger.

Spot gold was up 0.25 per cent at Dollars 1,250.93 an ounce at early trade.

However, the dollar and USA yields fell on Wednesday after data showed sluggish growth in consumer prices, contradicting signs that inflation may be firming and suggesting that the Fed may raise rates more slowly next year.

Gold prices drifted down by 0.60 per cent to Rs 28,178 per 10 grams in futures trade today as speculators reduced exposure amid a weak trend overseas.

"We expect a steady grind lower in gold, at least through Wednesday", said INTL FCStone analyst Edward Meir.




Much will depend on the projections, said Think Markets analyst Naeem Aslam. "Any further strength in the dollar index would push the gold price lower", Aslam said.

Meanwhile, investors also took note of a special Senate election in Alabama, which.

Analysts at ScotiaMocatta said momentum indicators showed gold could reach its July low of $1,204.90.

Among base metals, copper for March delivery swung between small gains and losses and closed up 0.4% at $3.0230 a pound. Platinum fell for its eight straight session, down 0.9 percent at $876.60 an ounce, after earlier touching its lowest since February 2016 at $868.80.

Palladium was trading down 0.2% at $1,010.50 an ounce.

Related news:

Hot News

isis-killer-beheading-video-story-top Mobile To Enter Streaming Video Arena After Buying Layer3 TV
Dec 14, 2017 - 02:58
So, seeing an opportunity to make a name for itself by shaking things up a bit, T-Mobile is going to enter the TV business. T-Mobile isn't wrong in pointing all of that out, as the TV industry is indeed the worst.

isis-killer-beheading-video-story-top LaVar Ball's Sons Sign One Year Deal With Lithuanian Pro Team
Dec 13, 2017 - 04:06
The news comes after reports that LiAngelo and LaMelo were mulling options to sign internationally, according to Yahoo Sports. Vytautas fields teams in both the Lithuanian and Baltic leagues, with the latter the lesser competitive of the two circuits.

isis-killer-beheading-video-story-top Jurgen Klopp hits out at penalty decision as Liverpool held by Everton
Dec 13, 2017 - 04:00
Rooney drove his penalty down the middle to beat Simon Mignolet in what was the former England captain's first goal in six Merseyside derby appearances.

isis-killer-beheading-video-story-top Nokia 6 Appears At TENAA
Dec 13, 2017 - 03:58
Earlier there was a confusion regarding the new leaks in China that TA-1054 is not about Nokia 9 , It is for Nokia 6 2018 . Given the fact that the Nokia 6 (2018 ) already surfaced on TENAA it's only a matter of weeks before it becomes official.

isis-killer-beheading-video-story-top Winter weather advisory issued for Wednesday in central Wisconsin
Dec 13, 2017 - 03:58
A cold front will move through the area Tuesday which will mean mountain snow showers, chilly temperatures and gusty winds. Temperatures are expected to pick up Wednesday, reaching a high of 22 before dropping to 10 degrees in the evening.

isis-killer-beheading-video-story-top Killing net neutrality rules is a march toward folly
Dec 13, 2017 - 03:57
The order does invoke the previous Title I law, but it brings no net neutrality rules with it. Today's letter also mentioned fraud in the FCC's public comments system.

isis-killer-beheading-video-story-top Is 'Man Flu' Real? Men Suffer More When Sick, Study Suggests
Dec 13, 2017 - 03:57
Bad news ladies - apparently the men in your lives are not overreacting when they whinge about coming down with the " man flu ". Johns, made a decision to study the available research to see if he could settle the debate with science.

isis-killer-beheading-video-story-top Mohamed Salah Named African Footballer Of The Year By The BBC
Dec 13, 2017 - 03:49
Salah has 19 goals for Liverpool this season, equalling his total from last season in Italy. Salah also helped Egypt to qualify for the World Cup for the first time since 1990.

isis-killer-beheading-video-story-top First CT flu death of the season confirmed
Dec 12, 2017 - 17:22
Roberts said it is too early to tell if the flu vaccine is working but said that even a little protection helps in the long run. Vaccines are made each year to protect against the flu viruses that research indicates will be most common.

isis-killer-beheading-video-story-top Korean threats fuel South arms sales
Dec 12, 2017 - 17:22
The arms sales of BAE Systems, the fourth largest arms producer globally, remained stable (up by 0.4 per cent). This growth is primarily led by United States companies who control over half of world's arms sales.

isis-killer-beheading-video-story-top Donald Trump tells NASA to send Americans to Moon
Dec 12, 2017 - 17:22
The new directive is recommended by the National Space Council , headed by Vice President Mike Pence . On July 20, 1969, United States astronaut Neil Armstrong became the first man to walk on the Moon.

isis-killer-beheading-video-story-top Head of rescue operations stated in the massive Iran natural disaster tragedy
Dec 12, 2017 - 17:21
It occurred at a shallow depth of six miles and 34 miles north-east of Kerman, a provincial capital. In 2003 a 6.6 magnitude quake flattened the historic city of Bam and killed 26,000 people.

Daredevil Who Climbed Skyscrapers Without Equipment Dies in 62-Story Fall
Dec 12, 2017 - 17:21
He bought mobile phones and electrical appliances for his parents with the money he earned, the report added. He had shared almost 300 videos of his adventures atop various buildings in China.

isis-killer-beheading-video-story-top Meet 6-year-old Ryan ranked 8th richest YouTuber in Forbes' list
Dec 12, 2017 - 17:20
The video featured Ryan opening and reviewing a " GIANT EGG SURPRISE " box containing over 100 toys from Pixar's " Cars " series. And if you're wondering about what Ryan does with the toys after reviewing them, his family donates them to local charities.

isis-killer-beheading-video-story-top Third day of protests hit West Bank, Gaza after US' Jerusalem decision
Dec 11, 2017 - 00:33
Police spokesman Micky Rosenfeld said the guard sustained a serious wound to his upper body and the attacker was apprehended. Over the weekend, at least 140 Palestinians were injured in clashes in East Jerusalem and the West Bank.