Gold prices near ₹45,000 mark; silver rates flat at 66,950 per kg

Gold prices are expected to be affected by the outcome of pertinent central bank policy meetings which include the US federal reserve's meeting.

Gold and silver prices in India traded firm on Wednesday following a similar trend in global markets. Investors were largely cautious ahead of the US federal reserve policy’s two-day meeting beginning Wednesday. On Multi Commodity Exchange (MCX), April gold futures were up by 0.2 per cent to reach ₹44,917 per 10 gram. On the other hand, silver was flat at ₹66,950 per kg. Gold had dipped 0.2 per cent while silver had declined 1.09 per cent in the previous session.

Gold had dipped 0.2 per cent while silver had declined 1.09 per cent in the previous session. (Reuters)

In the global markets, the same trend was observed as spot gold changed little and was pegged at $1,730.82 per ounce. Although in the previous session, spot gold prices had risen to a two-week high of $1,740.90. Silver also fell 0.7 per cent to $25.77 while in other precious metals; platinum slid 0.5 per cent to $1,206.

According to a report in news agency Reuters, the US benchmark treasury yields hovered near their highest levels in over a year which put pressure on gold prices.

Gold prices are expected to be affected by the outcome of pertinent central bank policy meetings which include the US federal reserve's meeting. According to news agency Reuters, analysts say that US federal reserve chair Jerome Powell is likely to reaffirm a no-tightening policy stance at the meeting. The prices of gold could also be affected by the rate decision announcement by both Bank of England and Bank of Japan, which are scheduled to take place later this week.