Gold futures drop ahead of Fed meet

Posted By: Religare
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Gold futures drop ahead of Fed meet
Gold futures fell in the domestic market on Wednesday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market ahead of the conclusion of the two-day meet of the US Federal Reserve where the world's top central bank may continue to pare its monthly bond buying program, dimming the appeal of the bullion, a hedge against the inflationary risk of monetary stimulus.

The Fed is tipped to pare its record QE program for a fifth straight meeting, experts say.

Gold futures for August 2014 contract, at MCX, is trading at Rs. 26,733 per 10 grams, down by 0.39 per cent, after opening at Rs. 26,787, against the previous closing price of Rs 26,839. It touched an intra-day low of Rs 26,690. (At 11:12 AM).

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