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Gold prices trade flat ahead of Fed policy outcome

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NEW DELHI: After practically every week’s rally, silver and gold took a breather on Wednesday and traded near the flatline ahead of Federal Reserve’s policy outcome later within the day.

Gold tends to realize when rates of interest are low, which reduces the chance price of holding non-yielding bullion. Gold can be seen as a hedge towards inflation.

Gold futures on MCX had been down 0.16 per cent or Rs 83 at Rs 52,508 per 10 grams. Silver futures dropped 0.07 per cent or Rs 47 to Rs 64,957 per kg.

Gold prices within the nationwide capital witnessed a fall after rising for the previous seven days and declined Rs 187 to Rs 52,846 per 10 gram, in tandem with weak worldwide traits, based on HDFC Securities. Silver additionally tumbled Rs 1,933 to Rs 64,297 per kg.

Globally, gold prices steadied on Wednesday as worries over rising instances of COVID-19 and expectations of potential inflation from extra stimulus measures underpinned the metallic, whereas buyers awaited the US Federal Reserve’s assembly outcome later within the day.

Spot gold was little modified at $1,957.84 per ounce by 0049 GMT. Prices hit an all-time of $1,980.57 on Tuesday earlier than retreating after buyers booked earnings and the greenback regained some floor. U.S. gold futures rose 0.5 per cent to $1,954.50.

SPDR Gold Belief, the world’s largest gold-backed exchange-traded fund, mentioned its holdings rose 0.7 per cent to 1,243.12 tonnes on Tuesday.

Silver dropped 1.1 per cent to $24.31 per ounce, platinum fell 0.1 per cent to $947.29 and palladium slipped 1.1 per cent to $2,259.52.

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