Gold Rate Today: Bullion traders cautious ahead of Fed rate decision; gold, silver slip
US gold futures were down 0.3 per cent at $1,508.8 per ounce.
NEW DELHI: Precious metals continued their downward journey, trading lower in Wednesday's morning trade ahead of the US Fed policy outcome.
Comments from the US President Donald Trump, that the trade war would be resolved before the US goes to polls, lifted risk appetite in global and domestic markets. And, in turn, took some sheen off of gold and silver.
MCX gold (Oct) opened Rs 70 lower on Wednesday at Rs 37,946. MCX Silver (Dec) opened down over Rs 300 but did not break the Rs 47,000 level. It was trading at Rs 47,040 at 10 am.
SMC Global said bullion counters may trade sideways as traders are cautious. Gold can face resistance near Rs 38,200 while taking support near Rs 37,700, while silver can face resistance near Rs 47,300 while taking support near Rs 46,600, it said.
In the international markets, gold prices were little changed on Wednesday as investors maintained a cautious stance ahead of the conclusion of the US Federal Reserve's two-day meeting, Reuters reported.
Spot gold was steady at $1,501.91 per ounce. US gold futures were down 0.3 per cent at $1,508.8 per ounce.
On Tuesday, Gold prices declined Rs 150 to Rs 38,905 per 10 gram in the bullion market in Delhi due to weak demand, according to HDFC Securities. Likewise, silver also fell Rs 290 to Rs 48,028 per kilogram from Monday's closing price of Rs 48,318 per kilogram, it said.
Comments from the US President Donald Trump, that the trade war would be resolved before the US goes to polls, lifted risk appetite in global and domestic markets. And, in turn, took some sheen off of gold and silver.
MCX gold (Oct) opened Rs 70 lower on Wednesday at Rs 37,946. MCX Silver (Dec) opened down over Rs 300 but did not break the Rs 47,000 level. It was trading at Rs 47,040 at 10 am.
SMC Global said bullion counters may trade sideways as traders are cautious. Gold can face resistance near Rs 38,200 while taking support near Rs 37,700, while silver can face resistance near Rs 47,300 while taking support near Rs 46,600, it said.
In the international markets, gold prices were little changed on Wednesday as investors maintained a cautious stance ahead of the conclusion of the US Federal Reserve's two-day meeting, Reuters reported.
Spot gold was steady at $1,501.91 per ounce. US gold futures were down 0.3 per cent at $1,508.8 per ounce.
On Tuesday, Gold prices declined Rs 150 to Rs 38,905 per 10 gram in the bullion market in Delhi due to weak demand, according to HDFC Securities. Likewise, silver also fell Rs 290 to Rs 48,028 per kilogram from Monday's closing price of Rs 48,318 per kilogram, it said.