E-Paper
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.
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.
Notably last week, the prices of the yellow metal corrected to nearly one-year lows as they increased from ₹44,000 to almost touch ₹56,000 in August last year. Since then, gold has been down about ₹12,000. At the beginning of this year, gold prices were above ₹50,000 per 10 gram which are now down by about ₹6,000 per 10 gram. Within the last week itself, gold prices have moved in the range of ₹44,218 and ₹44,900. According to the MCX April Futures, gold prices last Monday were at ₹44,218/10 gram, on Tuesday were ₹44,857/10 gram, on Wednesday were ₹44,792/10 gram, on Thursday were ₹44,879/10 gram and on Friday were ₹44,271/10 gram.
