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Gold Goes Cold With Fed In Focus

Gold futures continued to display cold moves in the mid electronic session today with the traders seeming to await the month end meeting minutes by Fed.In Asia today, Hong Kong moved higher, as hopes for reform continued to support stocks, while Japan was weighed down by a stronger yen. Hong Kong’s benchmark Hang Seng Index only moved 0.4% higher, but Chinese companies listed in the city continued to gain on positive sentiment from the reform blueprint released by Beijing late Friday.

The Shanghai Composite lost 0.1%, moderating from a 2.9% gain in the previous session. Japan’s Nikkei Average fell 0.4%, with the market starting to eat into some of the hefty 7.7% gains it made last week, after ending flat Monday.

The Australian dollar ticked up to 93.70 U.S. cents after minutes from the Reserve Bank of Australia said that there was mounting evidence that monetary policy is supporting interest-sensitive sectors.

Gold for December delivery traded $1.20, or 0.1%, higher at $1,273.50 an ounce on COMEX division of New York Mercantile Exchange. December delivery gold dropped or 0.5%, to drop to $20.26 an ounce.

Yesterday, the yellow metal tumbled hard as the rally in the equities dampened the appeal for the metal. It fell $15.1 or 1.17% to settle at $1,272.3 per ounce. Traders will be looking for the US Fed minutes of its October 29-30 meeting. The Dow Jones Industrial Average surged to an intraday high above 16,000 for the first time ever.

MCX December gold futures broke below Rs 30000 per 10 grams. It was last seen trading down Rs 50 at Rs 30001 per 10 grams, hitting the low of Rs 29981 earlier in the day.

The Indian rupee resumed higher at 62.20 per dollar as against the last closing level of 62.41 per dollar at the Interbank Foreign Exchange (Forex) Market and moved up further to 62.10 per dollar.

Source : Capital Market

Shubhlaxmi Harish

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