MCX GOLD TIPS | Gold prices rose by 0.16 per cent on Wednesday as investors awaited the conclusion of a Federal Reserve policy meeting at which the United State central bank is expected to raise rates for the first time in nearly a decade.
At the MCX, Gold futures for February 2016 contract is trading at Rs 25,306 per 10 gram, up by 0.16 per cent after opening at Rs 25,307, against the previous closing price of Rs 25,266. It touched the intra-day high of Rs 25,317. (At 11.45 AM today).
The Fed began a 2-day meeting on Tuesday which is widely expected raise the central bank's target rate by 25 basis points, ending 8 years of loose monetary policy. Higher rates would dent demand for non-interest-paying gold, while boosting the dollar.
At the MCX, Gold futures for February 2016 contract is trading at Rs 25,306 per 10 gram, up by 0.16 per cent after opening at Rs 25,307, against the previous closing price of Rs 25,266. It touched the intra-day high of Rs 25,317. (At 11.45 AM today).
The Fed began a 2-day meeting on Tuesday which is widely expected raise the central bank's target rate by 25 basis points, ending 8 years of loose monetary policy. Higher rates would dent demand for non-interest-paying gold, while boosting the dollar.
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