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.
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)