Gold clung to overnight gains to trade just above $1,290 an ounce on Wednesday, with focus turning to whether a weaker global economy may curb the Federal Reserve's enthusiasm to raise interest rates. Spot gold was little changed at $1,293.30 an ounce by 0041 GMT after rising nearly 1 percent on Tuesday. U.S. gold for February delivery was also steady at $1,292.80 an ounce.
Gold futures fell by 0.74 percent on Tuesday at the domestic markets as immediate concerns about Greece's exit from the euro zone waned and investors looked ahead to the Federal Reserve and US data this week. At the MCX Gold futures for February 2015 contract was trading at Rs 27,657 per 10 gram, down by 0.74 percent after opening at Rs 27,765, against the previous closing price of Rs 27,864. It touched the intra-day low of Rs 27,569 till the trading.
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