Gold Trades Higher Ahead of Fed Verdict

Gold futures rose in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal ahead of the conclusion of US Federal Reserve's two-day meet today.

Even as the Fed is likely to announce an exit from QE, it is unlikely to signal an interest rate hike in the near-term, bolstering the appeal of the bullion as a store of value.

Russia and Turkey boosted gold reserves in September while a weaker dollar also bolstered demand for the bullion as an alternative asset.

Gold futures for December 2014 contract, at MCX, is trading at Rs. 27,174 per 10 grams, up by 0.14 per cent, after opening at Rs. 27,187, against the previous closing price of Rs 27,135. It touched an intra-day high of Rs 27,195. (At 11:34 AM).

Read more about: gold
Story first published: Wednesday, October 29, 2014, 12:30 [IST]
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