MTECHTIPS;- Global gold prices gain on dollar decline as market awaits Fed rate outlook

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MTECHTIPS;- Global gold prices gain on dollar decline as market awaits Fed rate outlook

MTECHTIPS-Gold prices rose on Wednesday as the dollar fell as investors await the outcome of the US Federal Reserve’s meeting this week for signs of the pace of monetary tightening, which could limit the demand for bullion going forward. Spot gold rose 0.2% to $1,313.96 per ounce at 9.06 am. Prices fell to a nearly three-week low in the previous session of $1,306.91. US gold futures for April delivery fell 0.1% to $1,313.80 per ounce. The dollar index, which measures the greenback against a basket of six major currencies, slipped down 0.1% to 90.256 after climbing to 90.445 on Tuesday, its highest in almost three weeks. With a 25 basis point interest rate hike seen as a done deal, investors will be on the lookout for whether the Fed forecasts four rate increases in 2018, instead of the median of three hikes in December’s quarterly forecast. “Dealers will be looking at forward guidance to determine the dollar’s prospects, and therefore that of gold,” said Alistair McLeod, head of research with Toronto-based Gold money Inc

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