Bengaluru — Gold held steady on Wednesday, after slipping in the previous session, as investors awaited cues on the US Federal Reserve’s rate increase stance from the minutes of its last meeting. Federal funds futures suggested traders saw about a 79% chance that the US central bank would raise key short-term rates by a quarter point to 1.00%-1.25% at its June 13-14 policy meeting, little changed from Monday’s close, CME Group’s FedWatch program showed.Spot gold was nearly flat at $1,251.29/oz, as of 4.34am GMT. US gold futures shed 0.3% to $1,251.2/oz."My expectations are that the pace of interest rate hikes will be kept steady and stable regardless of the short-term fluctuations in the US economic data," said Mark To, head of research at Hong Kong’s Wing Fung Financial Group. "I think it is a good thing because it takes sometime for the central bank and the market to build up some sort of consensus upon which we can have some stability." Higher interest rates tend to boost the dol...
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