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Gold back above $ 1250

Gold trades -0.20% to 1255.80, having posted day’s low at 1248.90 and day’s high at 1257.30. Amid a better risk tone prevalent in the markets, the sellers are seen in complete control, as higher Asian equities diminish the safe-haven bids for gold.
Adding to the downward pressure on the bullion, the Asian physical demand took a hit, with the Chinese buying slowing down, while a strike by jewellers on the back of import duty levied curbed the demand in No. 2 market India.

Focus FOMC

Focus now remains on a host of central banks’ policy decisions for further impact on the gold price action, especially after last week ECB surprise move. FOMC due out on Wednesday is likely to emerge the main driver for gold this week.

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