The metal futures struggled on Wednesday amid the upcoming US Federal monetary decision. On MCX, gold futures rose 0.34% to Rs 51,998 per 10 gram. On the other hand, silver futures rose 0.15% to touch Rs 69,249 per kg. Overall the market was stable with a lower OI (Open Interest).
On Tuesday, gold had edged 0.16% higher at Rs 51,770 per 10 gram while silver had slipped 0.20%. Gold has remained on the downtrend after hitting record highs in August.
“Mixed gold ETF flows also shows lack of direction in the market. Gold may remain choppy amid lack of clear cues. However general bias may be on the upside owing to increasing challenges to global economy and hopes of dovish stance of major central banks,” Kotak Securities said in a note.
Investors have turned cautious of the safe-haven investment ahead of the US Federal Monetary Committee meeting scheduled today. It is expected to adopt a more accommodating approach to inflation and pledging to keep interest rates low for longer.
At 2:59 pm, the October gold future were ticking at Rs 51,949 (rise of 0.35%) and silver at Rs 69,145(rise of 0.26%).
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