Gold Up As Market Await Fed Outcome

Gold futures closed higher in the domestic market on Monday as the market awaited key central bank meetings later this week.

The US Federal Open Market Committee (FOMC) will meet on Wednesday, and though recent positive US data has lifted expectations of a US rate hike in September, majority still do not see the FOMC lifting rates within this year. Nonetheless, investors will still focus on the language of the FOMC statement to detect any possible changes to US monetary policy.

At the MCX, Gold futures for August 2016 contract closed at Rs 30918, per 10 gram, up by 0.15 per cent after opening at Rs 30,782, against the previous closing price of Rs 30,871. It touched the intra-day high of Rs 30,930.

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Suhani Verma

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