Gold futures up ahead of FOMC minutes

Posted By: Religare
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Gold futures up ahead of FOMC minutes
Gold futures were trading with slim gains in the domestic market on Wednesday as investors and speculators eyed the release of the US Federal Reserve minutes today in which the central bank may signal the outlook for further QE tapering and offer cues over the timeline of a rise in interest rates.

However, weak investment demand weighed on the precious metal as holdings in the SPDR Gold Trust; the biggest bullion-backed exchange traded product dropped to the lowest level since December 2008 to 780.19 metric tons on Tuesday.

Gold futures for June 2014 contract, at MCX, is trading at Rs. 28,224 per 10 grams, up by 0.13 per cent, after opening at Rs. 28,245, against the previous closing price of Rs 28,186. It touched an intra-day high of Rs 28,277. (At 10:57 AM). Check gold rates here

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