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Gold hits a 7 month low on Fed Minutes report

Gold hits a 7 month low on Fed Minutes report
International gold prices hit a 7-month low as details from the minutes of Federal Reserve meeting revealed that members sought Fed action in stopping the asset purchase programme earlier then expected.

India gold futures mirrored weak overseas trend and fell, but losses were limited due to to a sharp decline in the rupee.

The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.

International gold prices registered a fall, with spot gold down at $1,560.83 an ounce.

Gold on MCX for April delivery fell by Rs 113 at Rs 29,466 per 10 grams at 3.15 pm IST.

Domestic gold prices also registered a sharp fall mirroring futures trade.

As on February 21, gold prices for 99.9% in major cities were prevailing around Rs 29,615 in Mumbai, Rs 30,545 in Ahmadabad, Chennai spot gold was seen at Rs 29,580 per 10 grams and Delhi spot gold was seen highest at Rs 29,700 per 10 grams.

The fall in prices is due to worries that the Federal Reserve may stop considering bond buying program.

Read more about: gold mcx
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