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Gold steady

Gold steady

LONDON: Gold steadied near $1,320 an ounce on Wednesday as traders awaited the outcome of a two-day Federal Reserve policy meeting later, which will be closely watched for any clues on the scale and pace of interest rate hikes this year.

Spot gold was $1,319.56 an ounce at 1200 GMT, little changed from $1,319.84 late on Tuesday.

US gold futures for August delivery were down $1.40 an ounce at $1,319.40.

Gold is particularly sensitive to rising US rates, which would lift the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced.

Among other precious metals, palladium, which hit a nine-month high of $694.30 on Tuesday, was up 0.2 per cent at $688 an ounce. Silver was down 0.2pc at $19.59, while platinum was up 0.1pc at $1,093 an ounce.

Courtesy : Dawn News



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