Gold gained ground ahead of the US Federal Reserve meet minutes, which would provide vital clues, if the US Federal Reserve would hike interest rates in Dec. Most analyst are expecting the US Fed to hike interest rates in its Dec policy meet.
In the Indian markets, there was festive buying as gold prices were slightly under the Rs 30,000 mark in the city of Mumbai. In fact, according to reports, we could see the best festive season buying in 4-years for gold.
In any case, voters would look for cues from the minutes of the meeting of the US Fed. If there are strong indications of an interest rate hike, we could see prices heading lower from here.
Check gold rates in Indian cities here