Gold open on Flat Note Tracking Mixed International Clues

Gold open on Flat Note Tracking Mixed International Clues

Gold Silver Reports — Gold may open on flat note tracking mixed international clues as FOMC meeting minutes later today will give further direction to the prices.

Meanwhile movement of local currency rupee will give further direction to the prices. Gold can move in range of 29750-30250 while silver can move in range of 40500-41800 in near term. Gold prices rose on Tuesday, reversing earlier losses after a weaker dollar and falling stock markets spurred safe-haven buying of the precious metal.

Gold has rallied 20 percent this year on speculation the Fed has slowed its expected pace of rate increases on concerns about global economic growth and the volatility of stock markets. Dallas Federal Reserve Bank President Robert Kaplan said the U.S. economy is strong enough to justify an interest-rate hike in the “not too distant future,” but increases will be very gradual. SPDR Gold Trust’s assets have been rising steadily this year and are at their highest level since November 2013. — Neal Bhai Reports

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