Gold and silver gained on Wednesday a day after reporting a drop in prices as the precious metals tracked international rates amid weakened dollar.
Domestic gold futures edged higher on Wednesday to touch the Rs 46,100 per 10 grams mark.
On the Multi Commodity Exchange (MCX), gold futures climbed by as much as Rs 81 per 10 grams, or 0.18%, to Rs 46,147 per 10 grams, compared to their previous close of Rs 46,066 per 10 grams.
At 11:05am, the gold futures contract with June 5 delivery date, was up by Rs 43 per 10 grams or 0.09% at Rs 46,109 per 10 grams.
Silver futures gained 0.41% or Rs 174 to Rs 42,518 per kg.
Globally, gold prices inched higher on Wednesday as the dollar weakened amid plans to ease major economies out of coronavirus lockdowns, while investors awaited any forward guidance from the US Federal Reserve’s policy statement due later in the day.
Spot gold rose 0.1% to $1,708.53 per ounce by 0126 GMT. US gold futures climbed 0.2% to $1,725.50 per ounce.
The Fed, which has responded to the current crisis by slashing interest rates, resuming bond-buying and backstopping credit markets, is scheduled to issue a policy statement at 1800 GMT and could begin to clarify how long it intends to leave rates near zero.
{{/usCountry}}The Fed, which has responded to the current crisis by slashing interest rates, resuming bond-buying and backstopping credit markets, is scheduled to issue a policy statement at 1800 GMT and could begin to clarify how long it intends to leave rates near zero.
{{/usCountry}}Gold tends to benefit from widespread stimulus measures as it is often seen as a hedge against inflation and currency debasement.
Bank of Nova Scotia told staff on Tuesday it would close its metals business, drawing the curtain on one of the most venerable names in precious metals trading, two sources familiar with the matter told Reuters.
(With agency inputs)