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Gold comes off 4-month low; US Federal outcome eyed

Epic Research Update : Deccan Gold Mines
Epic Research Update : Deccan Gold Mines

Gold edged up on Wednesday after hitting a more than four-month low in the previous session, while traders remained cautious ahead of the conclusion of a Federal Reserve meeting that may stoke expectations for a mid-year hike in US interest rates.

Many expect the Fed officials, who started a two-day policy meeting on Tuesday, to drop the word “patient” from their forward guidance on interest rates, potentially paving the way for a rate hike around June, the first since 2006.

US gold for April delivery gained 0.2 per cent to $1,150.40 an ounce.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings dropped 0.4 per cent to 747.98 tonnes on Tuesday.

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