Gold prices slightly higher

Dhaka,  Sat,  23 September 2017
Published : 15 Mar 2017, 14:13:39

Gold prices rise ahead of Fed announcement

Gold prices slightly higher
Gold prices edged up on Wednesday on safe-haven buying due to uncertainty over the outcome of Dutch elections, while markets waited for clues on the pace of US interest rate hikes this year.

The investors are focusing on what message the central bank will deliver when it concludes a two-day meeting on Wednesday.

Spot gold had edged up 0.4 per cent to $1,203.31 per ounce by 0608 GMT.

US gold futures rose 0.1 per cent to $1,203.30 per ounce.

The statement from the Fed, due at 1800 GMT on Wednesday, will be followed by a briefing at 1830 GMT. 

Investors were also focusing on Wednesday's Dutch elections, which have been boosting gold's safe-haven appeal. 

Critical support for gold held around $1,180, analysts said.

Prices have fallen over 5.0 per cent since gold failed to sustain a break above its 200-day moving average at around $1,261 in late February. 

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.36 per cent to 834.99 tonnes on Tuesday from Monday. 

Holdings rose for a second straight session after outflows last week.

Spot silver rose 0.5 per cent to $16.92 an ounce.

Platinum was up 0.9 per cent at $940.70, while palladium was firm at $743.83. Palldium prices hit their lowest since Jan. 31 at $738.35 the session before, according to Reuters.
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