Bengaluru —Gold prices inched lower on Thursday due to a stronger dollar as investors digested the US midterm election results and turned their focus to the Federal Reserve’s monetary policy decision due later in the day. The Fed is not expected to raise interest rates until its next gathering in December, however, market participants are waiting to see whether it offers clues about possible rate increases in December and in 2019. Higher US interest rates tend to boost the dollar and also push up bond yields, reducing the appeal of non-yielding bullion. “Gold has found support around $1,223. If we see good news from the Fed, we may see a bounce. But for now, we think the Fed will continue with the monetary policy tightening,” said Benjamin Lu, a commodities analyst with Phillip Futures. Spot gold was down 0.2% at $1,223.70/oz, as of 4.10am GMT, while US gold futures fell 0.3% to $1,224.70/oz. The dollar index, which measures the greenback against a basket of six major currencies, tr...
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