Gold was firm on Tuesday, having recovered from over a two-week low hit in the previous session, as traders waited to gauge the path of USA monetary policy for the rest of the year from the two-day Federal Reserve meeting that kicks off later in the day. In the previous session, it touched $1,307.51/oz, its lowest since March 1.
At the Multi Commodity Exchange, gold for delivery in April month fell by Rs 49, or 0.16 per cent, to Rs 30,175 per ten grams in business turnover of 66 lots. All 104 analysts polled by Reuters expected the Fed would raise rates to between 1.5 percent and 1.75 percent on Wednesday.
European Central Bank policymakers are shifting their debate to the expected path of interest rates as even some of its most dovish rate setters accept that lucrative bond buys should end this year, sources close to the discussion said.
After the meeting, Fed Chairman Jerome Powell will hold a his first press conference as the central bank's new chief.
"This is likely to escalate with a tit-for-tat response from China, which won't help". An increase of more than 25 basis points would push prices lower, while a significant reaction from China and European countries on United States tariffs would drive prices higher, said Alexander. US stocks slid after Facebook shares sank afterreports that its user data was misused led to concerns overbroader privacy violations, sparking a sell-off in technologystocks.
Entire cast of Stranger Things gets a huge pay raise
Insiders suggest that the SAG Award-winning actress is making as much as the adult actors in A tier with $350,000 per episode. Heading into the third season , it looks like all of its stars, young and old, male and female, are getting a huge pay bump.
After its most recent top around $1,334, gold is now above $1,309.
Gold is highly sensitive to rising USA interest rates, becoming less attractive to investors as it does not bear interest.
On similar lines, the yellow metal for delivery in June was trading lower Rs 82, or 0.27 per cent, to Rs 30,533 per ten grams in 20 lots.
Platinum was almost unchanged at $952.70 per ounce after hitting its lowest since January 3 on Monday. Palladium declined 0.28% to $987.25/oz.