For Quick Alerts
For Daily Alerts

Gold Steady As Investors Eye Fed Meet; Dollar Up


The precious yellow metal has remained steady on the back of crucial Fed Reserve meet as there is uncertainty around the US central bank's call on rates. Nonetheless, gold shall record its highest weekly decline in over a month due to firm dollar.

Gold Steady As Investors Eye Fed Meet; Dollar Up

Spot gold was steady at $1,241.99 per ounce, as of 0355 GMT. In Thursday's trade, gold fell in price to $1239.83. US gold futures were down 0.1 percent at $1,246 per ounce.

Dollar index has inched higher by 0.1% as investors focus on Fed's likely outcome on interest rates next week.

Gold is expected to be supported as views emerge that in all likelihood the central bank will resort to go slow in its rate hike regime and will rather hold on rates.

So, for now without much risk seen, investors are holding on to their positions in gold and as there is viewed recession to gain ground in next two years time as per a Reuters report, gold remains well supported as the opportunity cost of holding a bullion is reduced.

In the domestic market, 22K and 24 K gold goldis priced at Rs. 30,650 and Rs. 32,250 per 10 gm down by Rs. 150 and Rs. 250 respectively.

Story first published: Friday, December 14, 2018, 12:15 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more