Gold stayed near a 12-week
peak early on Wednesday, supported by a softer dollar as investors awaited the
outcome of the Federal Reserve's first policy meeting of the year.
Spot gold XAU= was flat at $1,120.58 an ounce by 0054
GMT. It touched $1,122.90 on Tuesday, its strongest since Nov. 3.
Gold has gained nearly 6 percent so far this month, after
ending 2015 with a loss of more than 10 percent.
Asian stocks were subdued as a wait-and-see mood
prevailed ahead of the Fed's policy statement, and with sentiment fragile after
a rout in Chinese shares the previous day.
Crude oil futures dropped
around 2 percent on Wednesday, heading back towards $30 a barrel as
profit-taking wiped out a chunk of the gains notched up in the previous session
on hopes for output cuts.
The U.S. central bank is widely expected to keep key
rates unchanged at the conclusion later in the day of its two-day gathering,
mindful of global economic headwinds from China to Europe.
Expectations for a rate increase at the Fed's next
meeting in March are also receding, which should boost the price of
non-interest bearing gold.
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• SUN PHARMA-TARO Q2:
ReplyDeleteo Operating profit at $88.8 mn vs $141.5 mn, down 37% (Beats Street Estimates)
o Operating Margins at 52.2% vs 61.8% (Beats Street Estimates)
o Net sales at $169.9 mn
o Net profit at $52.4 mn
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