Gold Silver Reports (GSR) — Following gold, silver prices also surged by Rs 190 on increased offtake by industrial units and coin makers. Silver ready also strengthened by Rs 190 to Rs 38,290 per kg and weekly-based delivery by Rs 200 to Rs 37,725 per kg. Silver coins remained unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.
In global markets, spot gold rate was up 0.1% to $1,200.08 an ounce by 3.46 pm. US gold futures were little changed at $1,204.50 an ounce. Gold has fallen over 12% since in April, marred by rising U.S. interest rates and a global trade war that has led investors to chose the dollar as a safe haven rather than gold.
The two-day FOMC meeting begins Tuesday morning and ends Wednesday afternoon with a statement. The FOMC is expected to slightly raise U.S. interest rates at this meeting. Fed Chairman Jerome Powell will also hold a press conference after the meeting. As usual, the marketplace will parse the Fed’s wording for clues on the pace of future Fed rate hikes and the Fed’s inflation expectations.
World stock markets were mixed to mostly firmer overnight. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. There are lingering worries U.S. and China’s trade war will escalate to the point of damaging world commerce. Meanwhile, President Trump is negotiating bi-lateral trade deals with other Asian countries and has signed an agreement with South Korea.
