Gold steady ahead of Federal Reserve meet outcome

Business

oi-Sneha

By Sneha B K

Published: Wednesday, December 12, 2012, 14:39 [IST]

Overseas gold inched higher on Wednesday ahead of a Federal Reserve meeting outcome, slated later in the day. Investors awaited news of another bond buying programme, which is expected to boost appetite for gold.

International spot gold was seen trading at $1,715 an ounce.

Back in India, gold futures was seen trading marginally higher tracking overseas trend. Gold futures for February delivery contract opened at Rs 31,387 per 10 grams and was seen trading at Rs 31,445 per 10 grams, higher by Rs 69 or 0.22% at 02.20 pm IST.

Silver futures for March 2013 delivery was trading higher by Rs 223 at Rs 62,547 per kgs.

Delhi spot gold of 99.9 and 99.5% rose marginally to Rs 31,680 and Rs 31,480 per 10 grams, respectively.

Marginal increase in gold domestically is due to buying by stockists to meet the demand for the ongoing marriage season.

Investors await for the U.S. Federal Reserve's policy meet outcome, which could decide the direction of the precious metal. If the outcome is positive, it will boost the gold sentiment as it is considered hedge against inflation.

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