Gold futures tad lower ahead of Fed decision

Gold futures tad lower ahead of Fed decision
Gold futures were trading with slim losses in the domestic market on Wednesday as investors and speculators stayed cautious over booking fresh positions in the precious metal ahead of the outcome of the US Federal Reserve's two-day meeting concluding today.

The Fed is likely to pare its monthly bond buying plan by USD 10 billion to USD 55 billion, dimming the appeal of the precious metal, a hedge against the inflationary risk of monetary stimulus.

Investors are also eying events in Ukraine as Russia signaled that it had no intensions of breaking up Ukraine further while the West slapped more sanctions on Russia.

Gold futures for April 2014 contract, at MCX, is trading at Rs. 30,171 per 10 grams, down by 0.11 per cent, after opening at Rs. 30,211, against the previous closing price of Rs 30,205. It touched an intra-day low of Rs 30,161.

Read more about: gold futures
Story first published: Wednesday, March 19, 2014, 12:33 [IST]
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