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Home >> Market >> News >> News Details

Commodity Futures - Pre-session commentary
09-Nov-2018     09:53

Precious Metals Preview: Gold Takes A Tumble Following Fed

COMEX Gold tumbled yesterday as The US Federal Reserve left key interest rates unchanged but kept the central bank on track to have one more rate hike in December. The yellow metal has failed to hold onto its three month high and fell to one week low following the Fed. The metal currently trades at $1219 per ounce, down 0.49% on the day. MCX Gold slipped 0.58% at Rs 31406 per 10 gram.

Dollar index gained near 97 mark after the Fed decided to maintain the target range for the federal funds rate at 2 to 2.25% and noted that the US labor market has continued to strengthen and the economic activity has been rising at a strong rate since its last policy meeting in September, when it raised rates for the third time of the year.

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