GOLD
GAINS AHEAD OF FEDERAL RESERVE MEETING, EURO HELPS
Date: 13.03.2012
Gold ticked higher on Tuesday as the
euro rebounded although trading was cautious with investors waiting for the
outcome of a Federal Reserve meeting, which could offer clues over the
direction of interest rates in the world's largest economy.
Easing expectations for the Fed to
signal the need for more measures to keep interest rates low could eventually
weigh on gold, which has risen around 9 percent so far this year on a near-zero
US rate outlook. www.goldennifty.com
Gold added $5.04 to $1,704.09 an
ounce by 0250 GMT, with support at the 200-day moving average of around $1,680
an ounce. Bullion rallied to an all-time high around $1,920 an ounce last
September. www.goldennifty.com
"We think everybody is staying
on the sidelines. On the investment side especially, people still try to keep
more cash on hand. They have no intention to buy a substantial amount of gold
right now. www.goldennifty.com.
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