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NEW DELHI: Gold and silver futures prices in the domestic market gained on Wednesday ahead of the US FOMC meet outcome, which is expected to be in favour of economic growth.
The US Federal Reserve is expected to keep interest rates pinned near zero and to signal where rates are headed in the coming years at its final policy meet of the year. The Fed’s policy statement is due at 1900 GMT.
Gold tends to benefit from stimulus measures as it raises the prospect of inflation which bullion is used to hedge against.
Gold futures on MCX were up 0.35 per cent or Rs 174 at Rs 49,617 per 10 grams. Silver futures added 0.67 per cent or Rs 434 to Rs 65,287 per kg.
In the spot market, Gold prices rose Rs 514 to Rs 48,847 per 10 gram in the national capital on Tuesday on a strong global trend and rupee depreciation, according to HDFC Securities. Silver prices also jumped Rs 1,046 to Rs 63,612 per kilogram.
Globally, Gold prices inched lower on Wednesday as rapid progress in vaccine rollouts sparked hopes of a swift economic revival, with investors keeping a close watch on stimulus talks and the Federal Reserve’s policy statement.
Spot gold fell 0.1 per cent to $1,852.01 per ounce by 0100 GMT after jumping 1.4 per cent in the previous session. U.S. gold futures were little changed at $1,855.60.
Holdings in the SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, fell 0.10 per cent to 1,170.15 tonnes on Tuesday.
Silver dropped 0.1 per cent to $24.46 per ounce. Platinum fell 0.2 per cent to $1,034.25 and palladium was down by 0.1 per cent at $2,315.09.