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Gold steady, FOMC meet eyed; physical buying dull

Gold steady, FOMC meet eyed; physical buying dull
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First Published: Wed, Jun 22 2011. 02 54 PM IST
Updated: Wed, Jun 22 2011. 02 54 PM IST
Mumbai: Gold futures were steady on Wednesday afternoon following overseas markets, where investors awaited the outcome of the Federal Reserve panel’s meeting for direction, analysts said.
Dealers said physical buyers were unwilling to place new deals as they sought price direction.
The most-active gold for August delivery on the Multi Commodity Exchange (MCX) was trading 0.12% higher at Rs 22,686 per 10 grams at 2:18pm.
The Fed’s two-day meeting ends on Wednesday, when markets hope to learn more about policy to deal with an economy that shows signs of slowing, although chairman Ben Bernanke probably will continue to argue the slowdown is temporary.
Investors were also waiting for movement in the rupee for direction. The local currency plays an important role in determining the landed cost of the dollar-quoted yellow metal.
India, the world’s biggest buyer of yellow metal, is in a seasonally lean demand period due to monsoon as farmers divert their savings on agricultural equipment and fertiliser for summer-sown or kharif crops.
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First Published: Wed, Jun 22 2011. 02 54 PM IST
More Topics: Markets | India | Gold | Commodity | Bullion |