Spot gold may stabilize around support at $1,244 per ounce, and then rise into a range of $1,252-$1,258, according to Reuters technical analyst Wang Tao. Photo: AFPBengaluru: Gold fell on Wednesday as the dollar gained after comments from US Federal Reserve officials raised expectations of a rate hike in March, while an eagerly awaited speech by US President Donald Trump offered few details on infrastructure spending and tax reforms. Spot gold had dropped 0.4% to $1,243.86 per ounce by 12.02pm. A handful of Fed policymakers on Tuesday boosted expectations for a March US interest rate increase. “I believe that the March Fed meeting is live now and we may even see a rate hike.

Source: Mint March 01, 2017 04:30 UTC