Gold Gains After Fed Holds Rates Steady

Published on Dec 17, 2020 12:14

COMEX Gold futures flipped back yesterday as highs around $1870 per ounce failed to extend after the US Fed kept size of bond purchases unchanged. The US central bank had said that it will buy at least $80 billion per month of Treasury bonds and $40 billion of agency mortgage-backed securities until substantial forward progress has been made toward the FOMC`s maximum employment and price stability goals. However, Gold traders had already factored it in. The metal had edged up earlier as India`s Gold imports stood at Rs 22433 crores in November 2020, up 6.63% compared to November 2019. Gold imports in April-November 2020 are down by 36.65% at Rs 91455 crore. COMEX Gold futures currently trade at $1874 per ounce, up 0.82% on the day.