Gold, silver trade lower ahead of Fed minutes
NEW DELHI: Gold and silver futures on the Multi Commodity Exchange (MCX) were trading lower in early trade on Wednesday as traders are waiting for minutes from the Federal Reserve's last meeting later in the day.
The yellow metal was down 0.20 per cent at Rs 29,242 per 10 gram around 10.15 am, while the white metal was trading 150 points, or 0.35 per cent, down at Rs 42,686 per 1 kg.
Nirmal Bang Commodities in a research note said, “We expect prices to trade lower for the day as market waiting for minutes from the Federal Reserve's last meeting for clues on the timing of interest rate hikes.”
Angel Commodities seconds Nirmal Bang and said, “We expect gold prices to trade lower on Wednesday on account of strengthening dollar index while the minutes of the US Fed Reserve meeting is also expected to show signals of further rate hikes.”
Precious metals prices pared losses on weaker-than-expected US economic data on Tuesday, after falling 1 per cent on renewed expectations of an increase in US interest rates next month that pushed the dollar higher.
SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its latest holdings stood at 841.17 tonnes, remain unchanged from previous business day.
Holdings of the largest silver-backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10,410.74 tonnes, remain unchanged from previous business day.
The yellow metal was down 0.20 per cent at Rs 29,242 per 10 gram around 10.15 am, while the white metal was trading 150 points, or 0.35 per cent, down at Rs 42,686 per 1 kg.
Nirmal Bang Commodities in a research note said, “We expect prices to trade lower for the day as market waiting for minutes from the Federal Reserve's last meeting for clues on the timing of interest rate hikes.”
Angel Commodities seconds Nirmal Bang and said, “We expect gold prices to trade lower on Wednesday on account of strengthening dollar index while the minutes of the US Fed Reserve meeting is also expected to show signals of further rate hikes.”
Precious metals prices pared losses on weaker-than-expected US economic data on Tuesday, after falling 1 per cent on renewed expectations of an increase in US interest rates next month that pushed the dollar higher.
SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its latest holdings stood at 841.17 tonnes, remain unchanged from previous business day.
Holdings of the largest silver-backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10,410.74 tonnes, remain unchanged from previous business day.
