Gold price inches up on global cues

Mumbai-India (Sept 20)  Gold prices rose by Rs 165 points to Rs 29,900 per 10 grams in futures trade today after strong demand in overseas markets.

At the Multi Commodity Exchange, gold for expiry in far-month December rose by Rs 165 points to Rs 29,900 per ten grams.



 The metal for expiry in October traded higher by Rs 132 points to Rs 29,753 per ten grams.

 As per market analysts, the rise in gold prices is due to a firming trend overseas as the dollar wavered, with investors cautious ahead of the outcome of a two-day Federal Reserve meeting in the United States.



In the meeting, the US Fed is expected to announce balance sheet reduction plans and provide an outlook for interest rate hikes for the rest of the year.

NFL