Angel Commodities’ report on Gold
ON Wednesday, spot gold prices rose by 0.33 percent to close at $1291.7 per ounce with investors waiting for minutes from the U.S. Federal Reserve’s latest meeting for clues on the outlook for potential rate rises. Minutes from the U.S. Federal Reserve showed policymakers debated the prospects of a pickup in inflation and the path of future interest rate rises if it did not. The U.S. central bank should gradually increase interest rates over the next two years, bringing the federal funds rate to 2.5 percent, said San Francisco Fed President John Williams, separately at an event in Utah. On the MCX, gold prices declined marginally by 0.4 percent to close at Rs.29803 per 10 gms
Minutes of the US FED released yesterday talked about gradual rate hike in the coming months taking in to consideration the inflation factor. Geo – political tensions still continues to bother markets across the globe in turn bringing in the safe haven appeal for the yellow metal. On the MCX, gold prices are expected to trade higher today, international markets are trading higher by half a percent at $1292 per ounce.
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