Gold prices remained flat at Rs 74,150 per 10 grams in the national capital on Wednesday, according to the All India Sarafa Association. The yellow metal of 99.9 per cent purity had jumped Rs 1,400 to settle at Rs 74,150 per 10 grams in the previous session on Tuesday.
However, silver prices declined Rs 150 to Rs 87,000 per kilogram against Rs 87,150 per kg in the previous close.
Meanwhile, gold of 99.5 per cent purity also remained flat at Rs 73,800 per 10 grams.
In the global market, Comex gold is trading at USD 2,544.50 per ounce, down by USD 6.10 per ounce.
“Gold…still holding to trade above USD 2,500, after surging to fresh all-time highs on Tuesday amid the expectation of rate cuts from the US Federal Reserve,” said Mohammed Imran, Research Analyst at Sharekhan by BNP Paribas. Global traders and consumers continue to put their bets on the precious metal amid weakness in the US dollar index and robust Chinese demand. Comex silver was also quoting 0.24 per cent higher at USD 30.03 per ounce in the international markets. “Traders are now awaiting the latest Federal Open Market Committee (FOMC) meeting minutes, due on Wednesday, which could provide crucial insights into the Federal Reserve’s monetary policy direction,” Saumil Gandhi, Senior Analyst, Commodities, HDFC Securities, said.
Focus remains on the US Fed Chair Jerome Powell’s speech at Jackson Hole Symposium to gauge the quantum of interest rate cuts, as per Pranav Mer, Vice President, EBG, Commodity & Currency Research, JM Financial Services.