MCX Gold Tips: Gold prices closed higher in the national market on Tuesday with investors on the sidelines in the main ahead of the latest announcement from the Fed Reserve on monetary policy. Prices rose amid a slightly stronger dollar, as metal traders await the completion of the Fed Open Market Committee's two-day October meeting on Wednesday afternoon for further indications on the timing of an interest rate hike by the U.S. central bank. Although the FOMC has hinted that it will likely hold short-term interest rates at its current near-zero level at the meeting, Federal Reserve chair Janet Yellen has still not ruled out a rate trek. However, a stronger dollar reduced the appeal of Gold as an alternative asset. Stronger greenback makes the gold expensive for those holding other currencies, thus reducing need. At the MCX, bullion futures for December 2015 contract closed at Rs 26,925 per 10 gram, up by 0.38 per cent after starting at Rs 26,806, against the last closing price of Rs 26,823. It touched the intra-day high of Rs 26,940.
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