Economy, Business And Markets

Return of Gold

Return of GoldReturn of Gold

The Azadi gold coin climbed for the third consecutive day on Tuesday, to 9.3 million edging up by 0.16 percent, almost erasing its 1.51 percent loss on Saturday.

In the international market, bullion rose a second day in New York on speculation prices near an eight-month low will spur more buying as the Federal Reserve begins a two-day policy meeting. Gold’s spot price is now $1235 an ounce, hovering near an eight month low. Markets are eyeing the Fed’s meeting closely, for any clues on the timing of the first US rate increase in more than eight years would boost the dollar, which sits at a 14 month high, and push gold lower.

Some experts believe the Fed could signal that it may begin raising rates sooner than mid-2015, the current target for many economists.