The Fed cut interest rates by 50 basis points on Tuesday in an emergency move to protect the world’s largest economy from the impact of the epidemic.
Gold futures fell 0.30 percent or 130 rupees to 43,344 rupees for 10 grams while silver futures fell 0.19 percent or 90 rupees to 46,288 rupees per kg.
The price of gold on Tuesday rose slightly from 6 to 42,958 rupees for 10 grams, according to HDFC Securities. The price of silver, however, fell from 58 rupees to 46,213 rupees per kg, against 46,271 rupees per kg on Monday.
Globally, spot gold rose 0.3% to $ 1,643.76 an ounce, after recording its biggest one-day percentage gain on Tuesday since 2016. Futures American gold rose 0.1% to $ 1,645.30.
Among other precious metals, palladium fell 0.7% to $ 2,484.64 an ounce, while platinum rose 0.9% to 882.50. Silver rose 0.2% to $ 17.21 an ounce.
The automotive industry’s demand for platinum will increase this year for the first time since 2016, but it will not be enough to compensate for a drop in investment purchases, leaving the world market again in surplus, said the World Platinum Investment Council.