MCX Gold trading news for today

Gold is quoting mixed in Asia, rising from lows under $1600 per ounce as some bargain buying emerged after a sharp fall in the last session. 

The metal dropped in a typical pre FOMC movement in New York and tested its one week low of near $1590 per ounce. The retreat marked a third successive negative session for the yellow metal as traders booked profits ahead of the Fed.

The US dollar also witnessed impressive gains ahead of the Fed and tested near 1.2200 levels against the Euro. The US Federal Reserve stayed on the sidelines and refused to implement another round of its quantitative easing measures yesterday. 

The Fed wrapped up a two-day monetary policy meeting and made no changes to interest rates or policy in general, reiterating earlier stances that it will stimulate the economy if recovery further deteriorates. 

The Fed said it left its benchmark interest rate, the fed funds target, unchanged at 0.25% and added that economic conditions meriting loose policies will likely stick around through the end of 2014. [ Via ]

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