NEW DELHI: Gold and silver prices hovered around the flatline in Wednesday’s trade ahead of the US Federal Reserve’s policy outcome while continuous jump in coronavirus cases helped the demand in bullion counters.
Later in the day the Fed will conclude its first meeting since adopting a more accommodative approach to inflation and pledging to keep interest rates low for longer.
Gold futures on MCX were up 0.08 per cent or Rs 41 at Rs 51,810 per 10 grams. Silver futures fell 0.05 per cent or Rs 37 to Rs 68,930 per kg.
Gold prices rose by Rs 422 to Rs 53,019 per 10 gram in the national capital on Tuesday amid rupee depreciation and positive global trend, according to HDFC Securities. Silver also witnessed buying interest as it jumped Rs 1,013 to Rs 70,743 per kilogram.
Globally, gold prices eased, retreating from a near two-week high hit in the previous session, as the dollar gained ahead of a U.S. Federal Reserve policy decision due later in the day.
Spot gold was down 0.2 per cent to $1,952.15 per ounce by 0026 GMT, after hitting its highest since Sept. 2 at $1,971.71 on Tuesday. US gold futures fell 0.3 per cent to $1,960.50.
The dollar index rose against its rivals, making gold more expensive for holders of other currencies.
Japan's exports slumped 14.8 per cent in August from a year earlier, down for the 21st straight month, data showed, underlining the COVID-19 pandemic's heavy hit to global demand.
Silver dipped 0.3 per cent to $27.09 per ounce, platinum dropped 1.5 per cent to $963.38 and palladium slipped 0.9 per cent to $2,388.29.