Gold prices were steady in trade, as the US Fed was all set to begin its 2-day policy meet today.
Spot gold was traded at Rs 32,225 in the city of Mumbai for 24 karats, which was more or less the same as the previous day. Check gold rates here
Much of gold price movement, would depend on the 2-day US Fed meet, which begins today and concludes on Wednesday. It is widely expected that the US Fed would hold interest rates steady in its policy meet.
However, if they do hike interest rates, which is unlikely, we may see gold prices declining in trade.
When the US Fed does hikes interest rates, investors tend to move towards government securities This pushes gold prices lower.
On the MCX too gold prices were more or less trading steady with most investors unwilling to take positions ahead of the US Fed meet.