In global markets as well, gold prices remained flat at $1,732.32 per ounce and silver fell 0.2 per cent to $26.22.
In global markets as well, gold prices remained flat at $1,732.32 per ounce and silver fell 0.2 per cent to $26.22.

Gold prices near 45,000 per 10 gram, silver rates dip slightly

  • On Multi Commodity Exchange (MCX), April gold futures traded at 44,930 per 10 gram while silver prices slightly dipped 0.2 per cent to 67,510 per kg.
By hindustantimes.com | Edited by Mallika Soni
PUBLISHED ON MAR 16, 2021 11:20 AM IST

Ahead of the US Federal Reserve meeting scheduled for Wednesday, gold and silver prices in India traded firm on Tuesday. On Multi Commodity Exchange (MCX), April gold futures traded at 44,930 per 10 gram while silver prices slightly dipped 0.2 per cent to 67,510 per kg. The yellow metal edged 0.35 per cent higher in the previous session and silver rose 1.3 per cent.

In global markets as well, gold prices remained flat at $1,732.32 per ounce and silver fell 0.2 per cent to $26.22. Among other precious metals, platinum was down 0.1 per cent at $1,211.91. Spot gold also changed very little and stayed at $1,732.32 per ounce, according to Reuters.

Gold prices will also be affected by the outcome of important central bank policy meets including the US federal reserve's meeting. According to analysts, US federal reserve chair Jerome Powell is likely to reaffirm a no-tightening policy stance at the meeting on Wednesday, according to a report in Reuters. Gold prices could also be affected as the Bank of England and Bank of Japan are set to announce their rate decision later this week.

Last week, gold prices corrected to nearly one-year lows as gold prices have increased from 44,000 to almost touch 56,000 in August last year. Since then, gold is down about 12,000. Gold prices were above 50,000 per 10 gram at the beginning of this year and are now down about 6,000 per 10 gram. In the last week itself, gold prices have moved in the range of 44,218 and 44,900. According to the MCX April Futures, gold's position last Monday was at 44,218/10 gram, on Tuesday was 44,857/10 gram, on Wednesday was 44,792/10 gram, on Thursday was 44,879/10 gram and on Friday was 44,271/10 gram.

The correction in the prices also resulted in buying of gold gaining momentum in India and dealers to charge higher premiums over official rates, as per a report in Reuters.

(With agency inputs)

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