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Commodity Market Updates for Sept 21, 2016

Gold futures were little changed during the morning trade in the domestic market on Wednesday as investors and speculators remained on the sidelines in the precious metal ahead of the outcomes of the key central bank policy meetings in Japan and the US later in the day. Thus, safe haven assets became less attractive for investors amid uncertainity of the outcome. The US central bank is widely expected to hold interest rates unchanged at 0.25 per cent to 0.50 per cent, and could hint at a rate hike by the end of the year. On the other hand, BOJ is expected to make negative interest rates the centrepiece of a new policy framework – widely seen as a desperate attempt to show it still has the means to fight chronic stagnation. At the MCX, gold futures for October 2016 contract is trading at Rs 30,900 per 10 grams, down by 0.08 per cent, after opening at Rs 30,975, against a previous close of Rs 30,924. It touched the intra-day low of Rs 30,841.

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