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Gold may rise, on pause in US Fed’s interest rate hikes

Gold prices on the Multi Commodity Exchange (MCX) opened on Wednesday at Rs 59,977 per 10 grams and hit an intraday low of Rs 59,960. Gold prices hovered around $1,964.75 per troy ounce in the international market.

Anuj Gupta, Vice President of IIFL Securities, says, “Yesterday gold traded higher and closed 0.23 per cent at Rs 59,985 levels. In the international spot market, it is trading at $1,965 levels. Gold prices are taking positive cues from the US Fed decision, where the expectation of a pause in interest rates in the upcoming FOMC meeting.”

Manav Modi, Analyst, Commodities and Currencies, Motilal Oswal Financial Services Ltd. (MOFSL), said the price of gold witnessed volatility in a narrow range as cautious traders awaited the U.S. Federal Reserve’s interest rate decision at its policy meeting next week. A softer dollar and US yields, trading below 104 and 3.7 mark, respectively, kept the bullion supported.

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