Federal Reserve officials are concerned about the lingering risks of the Covid-19 pandemic and have pledged to support the economy until its recovery is more stable, according to the minutes of the latest policy meeting of the central bank released Wednesday.
MCX gold futures fell 0.07% or Rs 32 to Rs 46,330 per 10 grams. Silver futures fell 0.31 percent from 205 rupees to 66,429 rupees per kg.
“Gold weakened as the US dollar and bond yields stabilized amid a lack of new FOMC minute indices. The bullish global growth outlook and continued ETF exits are also weighing on gold. However, the support price is an increase in virus cases, loose monetary policy by major central banks, and improved consumer demand, ”said Ravindra Rao, vice president of commodities research at Kotak. Securities.
On the spot market, gold rose from Rs 587 to Rs 45,768 per 10 grams in the nation’s capital on Wednesday amid the depreciation of the rupee. Along with a gold rally, silver also jumped Rs 682 to Rs 65,468 per kilogram.
“We expect gold prices to trade sideways higher, following global indices with support at $ 1,720 and resistance at $ 1,760 an ounce. MCX Gold June futures can track rupee movements with support at Rs 46,000 and resistance at Rs 46,700 for 10 grams, ”said Tapan Patel, senior analyst (commodities), HDFC Securities.
Spot gold edged down 0.03% to $ 1,736.76 an ounce at 0149 GMT. US gold futures fell 0.3 percent to $ 1,736.50 an ounce.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.35 tonnes to 1,028.69 tonnes on Wednesday from 1,029.04 tonnes on Tuesday.
Silver fell 0.3% to $ 25.03 and palladium fell 0.2% to $ 2,617.71. Platinum rose 0.1% to $ 1,226.16.