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Gold prices rise ahead of US Fed policy meet, near Rs 52,000

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NEW DELHI: Gold and silver prices gained in Tuesday’s trade ahead US Federal Reserve’s policy meet while continuous jump in COVID-19 cases also helped the demand for bullion counters.

Total COVID-19 patient count in India has neared 50 lakh mark, the second largest in the world behind the US and there have been over 80,000 death due to the deadly virus.

Gold futures on MCX were up 0.30 per cent or Rs 203 at Rs 51,890 per 10 grams. Silver futures rose 0.67 per cent or Rs 463 to Rs 69,428 per kg.

Gold prices declined marginally by Rs 24 to Rs 52,465 per 10 gram in the national capital on Monday amid rupee appreciation, according to HDFC Securities. Silver prices, however, rose by Rs 222 to Rs 69,590 per kilogram.

Globally, gold prices rose as the dollar remained subdued, with investors turning their focus to a U.S. Federal Reserve monetary policy meeting, seeking details of its plans on inflation targeting.

Spot gold was up 0.3 per cent at $1,962.78 per ounce by 0259 GMT, adding to a 0.8 per cent gain in the previous session. U.S. gold futures climbed 0.5 per cent to $1,972.60.

“Gold looks firm mainly because of a weaker dollar and also US Treasury yields are coming down a bit,” said Edward Meir, an analyst at ED&F Man Capital Markets.

The dollar index slipped against its rivals after its worst session in more than two weeks, making gold less expensive for holders of other currencies.

Market participants now await the U.S. Fed’s two-day policy event which ends on Wednesday, its first such meeting since Chairman Jerome Powell unveiled a policy shift towards greater tolerance of inflation, effectively pledging to keep interest rates low for longer.

Platinum rose 0.5 per cent to $958.48 per ounce after hitting its highest since Aug. 18 at $966. Silver gained 0.7 per cent to $27.35 and palladium was up 0.3 per cent at $2,318.80.

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