Gold Trades Firm; Eyes US Fed Meeting Ending Today

Business

oi-Sunil Fernandes

Gold was trading firm in the international and domestic markets, ahead of the US Fed policy meet.

By Sunil Fernandes

Published: Tuesday, November 1, 2016, 13:30 [IST]

Gold prices moved higher, even as global markets awaited a statement from the US Fed, after the conclusion of a 2-day policy meet later today.

Gold in the international markets was last trading at $1280 an ounce. The precious metal has moved-up steadily from levels of $1265 to $1280 an ounce per 10 grams. In the domestic market too the precious metal has steadily been inching upwards. Gold in the domestic market was seen trading at Rs 30,800 per 10 grams.

With the festival season now behind, markets would guage the demand, before looking to the US Fed for further cues on interest rates.

Gold has risen steadily from the start of the season, as heavy liquidity injection by some global central banks, has fuelled a rally in gold and equities. In India, the precious metal has jumped almost 24 per cent since the start of the year.

Check gold rates in India here

GoodReturns.in