Reuters, (19/6) -- Gold edged up on
Wednesday after a two-day drop, but investors remained cautious as they
looked to the end of a Federal Reserve policy meeting for clues on the
outlook for U.S. economic stimulus.
Spot gold was up 0.06
percent at $1,368.59 an ounce by 0013 GMT, hovering around a nearly
one-month low of $1,364.54 touched on Tuesday. U.S. gold rose about $2.
The
metal fell more than 1 percent in the previous session as U.S. equities
rallied and as bullion buyers took to the sidelines before the
conclusion of a two-day Fed meeting that began on Tuesday.
A
policy statement from the central bank will be released on Wednesday and
investors are awaiting guidance on whether the Fed plans to scale back
its $85 billion monthly bond purchases.
A winding down, which
the markets fear will begin soon due to strong U.S. economic data, would
hurt gold - typically seen as a hedge against inflation.
U.S.
inflation showed signs of stabilizing in May, suggesting that a
worrisome downward trend in core inflation, which began a year ago,
might be coming to an end as consumer demand strengthens.
Indian
gold futures edged up on Tuesday to their highest in nearly a week,
helped by a weaker rupee, but demand remained dull following a hike in
import duty.
Holdings in SPDR Gold Trust, the world's largest
gold-backed exchange-traded fund, fell 0.2 percent to 1,001.67 tonnes on
Tuesday - their lowest in more than four years.
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