Gold gains ahead of Federal Reserve meet

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Gold gains ahead of Federal Reserve meet
Continuing with the bull rally, gold futures gained on Wednesday reflecting strong global cues, after a German Constitutional Court permitted German involvement in the European Stability Mechanism.

MCX gold futures for October 2012 contract, was trading at Rs 32,029 per 10 gram, higher by 0.48%.

Gold futures for April 2013 contract, was seen trading higher by 0.42% at Rs 33,163 per 10 grams on MCX at 2.30 pm IST.

Gold sentiment was boosted as speculators enlarged their positions tracking firm global trend. Also, sustained buying from stockist helped in the movement of gold.

MCX silver futures surged by Rs 556 per kg, and was trading at Rs 64,360 per kg.

Delhi spot gold of 99.9% and 99.5% purity was seen at Rs 32,480 and Rs 32,280 per 10 grams, respectively.

Investors eye the outcome of a Federal Reserve Meet which is to be held later today and end on Thursday.

The Federal Reserve is expected to offer bold measures to boost the sagging economy, which in turn could weaken the dollar and boost prices of gold.

Any disappointment from the Federal Reserve in terms of stimulus measures could lead to sharp fall in metal across the globe. International gold was seen trading around US$1,745 an ounce.

Read more about: gold, silver
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