Wednesday, 27 January 2016
Live MCX Trading Market News By CapitalHeight
Gold stayed near a 12-week peak early on Wednesday, supported by a softer dollar as investors awaited the outcome of the Federal Reserve's first policy meeting of the year.
Spot gold XAU= was flat at $1,120.58 an ounce by 0054 GMT. It touched $1,122.90 on Tuesday, its strongest since Nov. 3.
Gold has gained nearly 6 percent so far this month, after ending 2015 with a loss of more than 10 percent.
Asian stocks were subdued as a wait-and-see mood prevailed ahead of the Fed's policy statement, and with sentiment fragile after a rout in Chinese shares the previous day.
Crude oil futures dropped around 2 percent on Wednesday, heading back towards $30 a barrel as profit-taking wiped out a chunk of the gains notched up in the previous session on hopes for output cuts.
The U.S. central bank is widely expected to keep key rates unchanged at the conclusion later in the day of its two-day gathering, mindful of global economic headwinds from China to Europe.
Expectations for a rate increase at the Fed's next meeting in March are also receding, which should boost the price of non-interest bearing gold.
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