MCX Gold breaks above Rs 99500 per 10 grams ahead of Fed meeting outcome

COMEX Gold futures stabilized around $3380 per ounce today as US Fed's upcoming monetary policy decision stayed in focus. The metal rose following sustained losses in last few sessions. COMEX gold futures tested a three-week low around $3300 per ounce owing to reduced safe haven demand for the yellow metal as trade tensions seemingly eased. Firmness in dollar overseas is also contributing to weakness in the precious commodity. The dollar index is hovering above 98 mark as investors assessed recent trade deals between the United States, Japan, and the European Union. MCX Gold futures for October are trading at Rs 99525 per 10 grams, up 0.41% on the day.

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