Gold Price Today : India Gold MCX February futures traded flat on Wednesday with a negative bias tracking muted trend seen in the international spot gold prices.
On the Multi-Commodity Exchange (MCX), February gold contracts were trading lower by 0.58 percent at Rs 48,856 for 10 grams at 0920 hours. March silver was trading 0.57 percent lower at Rs 66,156 a kilogram.
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Experts are of the view that the precious metal which has slipped below 48700 could get some support around Rs 48,500. Investors can use the dip for a target of Rs 49000—49300 levels.
Gold and silver traded steady on Tuesday in the international markets. Gold February futures contract settled on a slightly weaker note at $1850.90 per troy ounce and Silver March futures contract settled at $25.54 per troy ounce.
Indian markets were closed on Tuesday on account of Republic day but both the precious metals were steady on Monday in the domestic markets.
Price action has been choppy and two-sided this week in both the precious metals ahead of the U.S. Federal Reserve meeting outcome later today.
“The FOMC meeting outcome will give directions to both the precious metals. The market is expecting a dovish stance of FED on the economy with continuing fiscal stimulus and lower interest rates.
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International gold and silver prices rose on Monday as the dollar and yields remained under pressure, with investors eyeing a dovish U.S. Federal Reserve and a big stimulus package under U.S. President Joe Biden’s administration.
However, prices corrected on Tuesday as a slightly firmer dollar and uncertainty over a U.S. stimulus package kept bullion under pressure, with investors awaiting cues on future monetary policy decisions from the U.S. Federal Reserve.
Domestic gold and silver ended flat on Monday. Indian markets are shut on Tuesday on account of Republic Day holiday.
Domestic bullion could trade flat-to-marginally lower this Wednesday morning, tracking the international prices.
Gold Comex trades 0.3% lower near $1845/oz after a 0.2% decline yesterday. Gold is pressurized by increasing debate about the US stimulus package and position squaring ahead of the Fed’s monetary policy meeting.
ETF outflows also show a lack of investor interest. However, supporting price is rising virus cases and drop in bond yields and rise in Chinese imports last month.
Gold may witness choppy trade unless there are fresh triggers but general bias may be on the upside on hopes of US stimulus and expectations that the Fed may maintain an accommodative stance.
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