Gold dips ahead of Federal Reserve meeting

Gold dipped ahead of a two-day Fed meeting that runs through Wednesday, and European finance ministers agreed to work with Greece's new Prime Minister, Alexis Tsipras, to keep the country within the Eurozone.

The metal traded down seven-tenths of a per cent at Rs 27,657 per 10 gm (less tax) on commodity bourse MCX in early noon trades. The price was down over a per cent from Thursday's close of slightly above Rs 28,000.

"We are advising our clients to do short-term trades, more like intraday ones, rather than riskier overnight positions till the Fed meeting ends," said Harish Galipelli, head-research (commodities) at JRG Wealth Management.