Gold stayed supported after US President Donald Trump called off a key summit with North Korea. MCX Gold futures surged near Rs 31500 per 10 gram levels yesterday amid supportive global cues and a continued slide in the Indian Rupee also triggered a sharp push to the commodity in local markets. The Indian Rupee fell to 68.40 against the US dollar this week – the weakest level against the greenback since November 2016. COMEX Gold are currently trading flat around $ 1301 levels.
In a key release for Gold Wednesday, the minutes of the most recent meeting, the Federal Reserve continues to project two more rate hikes are on the way this year with three more on the way for 2019. There was no interest rate hike at the May meeting, but policy makers debated the threat of inflation and acknowledged trade-related uncertainties. The minutes also revealed little concern about inflation, suggesting the Fed will maintain its gradual approach to raising rates.