The two-day FOMC meeting begins Tuesday morning and ends Wednesday afternoon with a statement. The FOMC is expected to slightly raise U.S. interest rates at this meeting. Fed Chairman Jerome Powell will also hold a press conference after the meeting. As usual, the marketplace will parse the Fed’s wording for clues on the pace of future Fed rate hikes and the Fed’s inflation expectations.
Gold Prices
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Gold Futures Slip 0.14% on Weak Global Cues – Gold Silver Reports
In futures trading at Multi Commodity Exchange, gold for delivery in October was down Rs 42, or 0.14 per cent, to Rs 30,800 per 10 gram in a business turnover of 177 lots.
Gold Prices Set to Soar over Next 12 Months, Forecasts Bank of America
Gold Silver Reports (GSR) – Bullion could average $1,350 an ounce in 2019 as corporate tax reforms worsen the U.S. fiscal balance, Francisco Blanch, head of global commodities and derivatives research, said in a phone interview last week. Spot gold traded at $1,196.23 on Monday and has averaged about $1,285 this year.
Gold Prices Advanced by Rs 50 to Rs 31,660 per 10 gram
In Delhi, gold rates of 99.9% and 99.5% purity rose by Rs 50 each to Rs 31,660 and Rs 31,510 per 10 gram, respectively. Sovereign, however, remained flat at Rs 24,500 per piece of eight gram.
How Gold has Managed to Stick to $1,200 Despite Fund Exodus – Gold Silver Reports
Bullion for immediate delivery was 0.2 percent lower at $1,199.24 an ounce as of 10:43 a.m. in New York. In the last month, gold has traded within a range of about $31, with a high of $1,214.35 and low of $1,182.86.
Gold Prices Edge Higher on Jewellers’ Buying, Silver Rates Fall – Gold Silver Reports (GSR)
Meanwhile, physical gold buying waned in major Asian centres last week as bullion prices rebounded from recent lows, with dealers in India offering the metal at a discount for the first time in over a month as an uptick in local rates moderated demand.
Gold Prices Rise for 2nd Day on Sustained Buying – Gold Silver Reports
Gold Silver Reports (GSR) – Gold prices rose by Rs 110 to Rs 31,510 per 10 gram on Thursday, mainly due to sustained local demand from jewellers and global trend, PTI reported. A depreciating rupee, which today fell to a fresh record low of 72.11 against the dollar, also helped lift gold prices.