For the oil market, it looks like the real OPEC meeting will come a week ahead of schedule.
The cartel is set to meet on Dec. 6 in Vienna, but days earlier the key decision makers are set to gather on the sidelines of the G20 summit in Buenos Aires in a meeting that may well decide the direction of oil prices in 2019.
Bullion counter may trade on sideways path on mixed fundamentals. On domestic bourses strong local currency can keep price under pressure.
Gold is losing altitude in Asia, having repeatedly failed to take out the 50-day exponential moving average (EMA) last week.
Global gold prices hit highest in more than a week on Wednesday as the dollar softened and demand for the safe-haven metal got a boost on concerns surrounding Italy’s plans to tackle budgetary deficit. Risk appetite was hit after European Union (EU) officials expressed concerns about Italy’s budget plan, which would widen the deficit significantly.
MCX Gold futures were trading 0.61 per cent higher at Rs 30510 per 10 gram at around 10.50 am (IST), while MCX Silver futures were up 2.66 per cent up at Rs 38,600 per 1 kg at around teh same time.
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.