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Gold prices today 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 whereas steady leap in Covid-19 circumstances additionally helped the demand for bullion counters.

Complete Covid-19 affected person rely in India has neared 50 lakh mark, the second largest on the planet behind the US and there have been over 80,000 dying as a result of lethal virus.

Gold futures on MCX had been 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 within the nationwide capital on Monday amid rupee appreciation, in keeping with HDFC Securities. Silver prices, nonetheless, rose by Rs 222 to Rs 69,590 per kilogram.

Globally, gold prices rose because the greenback remained subdued, with traders turning their focus to a U.S. Federal Reserve financial policy assembly, looking for particulars of its plans on inflation concentrating on.

Spot gold was up 0.three per cent at $1,962.78 per ounce by 0259 GMT, including to a 0.eight per cent achieve within the earlier session. U.S. gold futures climbed 0.5 per cent to $1,972.60.

“Gold appears agency primarily as a result of of a weaker greenback and likewise US Treasury yields are coming down a bit,” mentioned Edward Meir, an analyst at ED&F Man Capital Markets.

The greenback index slipped towards its rivals after its worst session in additional than two weeks, making gold inexpensive for holders of different currencies.

Market contributors now await the U.S. Fed’s two-day policy occasion which ends on Wednesday, its first such assembly since Chairman Jerome Powell unveiled a policy shift in the direction of larger tolerance of inflation, successfully pledging to maintain rates of interest 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.three per cent at $2,318.80.

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