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Gold Firm ahead of the outcome of a 2-day Federal Reserve Meeting

gold firmsGold prices held firm on Wednesday, 15 March, 2017, ahead of the outcome of a two- day Federal Reserve meeting, with the U.S. central bank broadly expected to lift interest rates. Spot gold had edged up 0.1% to USD 1,199.34 per ounce in the early trade today. U.S. gold futures were down 0.3% at USD 1,199 per ounce. The statement from the Federal due at the evening hours will be followed by a briefing at 6.30 pm today.

Meantime, U.S oil prices rose more than 2% in early Asian trade today, recovering from a 3-month low after industry data indicated a surprise drawdown in US crude stockpiles.

WTI crude was trading up 1.5% at USD 48.42 a barrel in the early trade, having earlier risen more than USD 1 to USD 48.87.

The home currency, Rupee opened at 65.76 a dollar and touched a high of 65.53, a level last seen on 3 November 2015. The currency was trading at 65.55, up 0.40% from its previous close of 65.82 at 10.00 am today.

The Federal Reserve is expected to increase interest rates during a 2-day meeting, and traders are on the lookout of clues on how speedily the US central bank is planning to stiffen monetary policy.

Meantime, at 11:20 IST the Indian stock benchmark Sensex index rose 0.04% to 29,455.78, while Nifty up 0.09% at 9095.40.