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Gold Gains As Fed Keeps The Rates Unchanged
Gold prices were seen trading higher on Thursday after the U.S. Federal Reserve left the policy rate unchanged. Investors and speculators booked fresh positions in the precious metal at existing levels.
Gold is sensitive to interest rate hike as it will lift dollar and other investment options. Rise in interest rates in the US will pull gold prices lower.
The US Federal Reserve held interest rates unchanged at 0.25 per cent to 0.50 per cent.
Earlier this week, the Bank of Japan kept rates unchanged at -0.1% and announced that it will consider modifying its policy framework.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity zoomed by Rs 300 each to Rs 31,550 and Rs 31,400 per 10 grams, respectively, a level last seen on September 7. The precious metal had gained Rs 250 in the previous four sessions, PTI reports.
At the Multi Commodity Exchange, Gold for October delivery was up 0.12 per cent to Rs 31,243 per ten grams. The metal for month delivery contracts was riding up by 0.13 per cent to Rs 31,340 per ten grams. International spot gold was seen trading at $1,333 an ounce.
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