Gold Steady below $1,200; Fed meeting eyed

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International gold held steady below $1,200 an ounce on Wednesday ahead of Federal Reserve last policy meeting of the year. 

Investors were also watching Russia after the rouble plunged more than 11 per cent against the dollar. Investors eye outcome of the Federal Open Market Committee, if there is a word on hike in the interest rate, it will drag the gold lower. Spot gold was seen at $1,197 an ounce.

Gold Steady below $1,200; Fed meeting eyed

Recent, strong US data signaling improvement is US economy raised bets that the US Federal Reserve will raise interest rates next year.

At 3.20 PM IST, on the Multi Commodity Exchange, Gold Futures for December delivery was seen trading lower by Rs 64 at Rs 27,130 per 10 grams. Check the gold rates here.

Read more about: gold
Story first published: Wednesday, December 17, 2014, 15:28 [IST]
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