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Gold Steady On Likely Greece Default; Fed Meet Eyed
International gold was seen trading steady at $1,184 an ounce after some gains on Monday supported by Greece uncertainty and soft dollar.
Triggered worries over a possible Greece default supported the yellow metal sentiment. Gold which is considered as safe haven during the times of uncertainty.
Gold, which is considered as an alternative to other riskier assets tends to benefit from any global and financial turmoil.
Gold futures were seen trading lower in domestic market on Tuesday. At the Multi Commodity Exchange(MCX), Gold for delivery in latest month August was trading marginally lower at Rs 27,016 per 10 grams at 2.00 pm IST.
Investors and speculators are cautious over booking fresh positions ahead of the beginning of the US Federal Reserve's two-day policy meeting today. Any news on interest rate hike from Federal Reserve will decide the movement for gold.
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