Bengaluru — Gold held steady near a two-week high on Wednesday as world equities retreated after the International Monetary Fund (IMF) cut its global growth outlook ahead of the release of minutes from the US Federal Reserve’s March meeting. Spot gold was unchanged at $1,303.73 an ounce at 11.45am GMT, having touched its highest since March 28 on Tuesday at $1,306.09. US gold futures were flat at $1,307.80. “[Gold] seems to be very much stuck at the moment ... part of the issue is most of the developments haven’t really been much of a surprise to the market,” said Capital Economics analyst Ross Strachan, adding that the growth downgrade by the IMF was also widely anticipated. Gold was also supported by central bank purchases and a significant move lower in US equity markets will boost prices, Strachan said. The IMF had said on Tuesday that the global economy is slowing more than expected and a sharp downturn could require world leaders to co-ordinate stimulus measures. Central banks...
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