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Gold marginally down at MCX in quiet trade as U.S. holiday mutes action
Gold prices ended marginally lower at MCX, with investors hesitant to take strong positions due to the U.S. national holiday for President’s Day. Trading activity was light as markets in the U.S. remained closed for President’s Day on Monday. Market players also awaited further hints on the timing of the next U.S. rate hike. In the week ahead, global financial markets will focus on minutes of the Federal Reserve’s latest policy meeting as well as housing-related data for more clues on the timing of the next U.S. rate hike. There are also more than a few Fed speakers this week, including Minneapolis Fed President Neel Kashkari, Philadelphia Fed President Patrick Harker and Atlanta Fed President Dennis Lockhart. Fed Chair Janet Yellen said last week that the U.S. central bank will likely need to raise interest rates at an upcoming meeting, although she flagged considerable uncertainty over economic policy under the Donald Trump administration. Fed fund futures priced in a less than 15% chance of a rate hike in March, according to Fed Rate Monitor Tool. Headlines from Washington will most likely remain in focus in the week ahead, as traders await further details on President Donald Trump’s promises of tax reform, deregulation and infrastructure spending.
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