Tuesday, January 29th 10:37 AM IST

Gold nears $1660 in Asian trade

# gold  # comex  # nymex  # debt crisis  

They added that gold might rebound after the Fed's meeting as the market might have priced in the hawkish sentiment.

SINGAPORE(BullionStreet): Gold advanced in Asian trade Tuesday but remained volatile after a reasonably U.S. economic data showed signs of recovery.

Gold for immediate delivery was seen trading at $1659.53 an ounce at 12.00 noon Singapore time while US gold for February delivery was at $1658.94 an ounce on the comex division of nymex.

Analysts said investors await any decisions from US Fed meeting scheduled for Tuesday and Wednesday.

They added that gold might rebound after the Fed's meeting as the market might have priced in the hawkish sentiment.

On Monday, gold futures settled lower for a fourth straight session as a stronger dollar impacted the metal, while investors also considered its safe haven appeal amid mixed U.S. economic data, and the Fed's first policy meeting of the year - which gets underway this week.

For February delivery, gold fell $3.70, or 0.2%, to end at $1,652.90 an ounce on the Comex division of the New York Mercantile Exchange.

How about a fully featured Android App for your business?

Most Popular

Bullion Street Newsletter