Gold Price Today: Yellow metal drops by Rs 1,079/10 grams from lifetime highs. What should traders do ahead of the Fed FOMC?
Federal Reserve’s policy meeting outcome due on Wednesday.
The MCX April gold futures were trading at Rs 65,352 per 10 grams, down Rs 190 or 0.29% while the May Silver contracts were trading at Rs 75,356 per kg around 9:10 am, lower by Rs 294 or 0.39%. Track prices here
The price of April Gold contract is now down by Rs 1,079 from its lifetime peak of Rs 66,356. This correction could be attributed to an uptick in the dollar index (DXY) which was hovering around 103.42 today, down by 0.01 or 0.01%. It has appreciated by 0.54% over the previous five sessions.
The prices have risen by 4.29% or Rs 2,690 on MCX month-to-date, Anuj Gupta, Head Commodity & Currency, HDFC Securities said. On a year-to-date basis, the uptick is Rs 2,057 or 3.25%. As for the Silver contract, the MTD gains stand at 5.58% or Rs 3978 while the YTD gains at 1.11% or Rs 824, Gupta added.
The price of gold in major physical bullion markets like Delhi, Ahmedabad and other cities is Rs 65,800 per 10 grams while that of 1 kg of silver is Rs 76,500, Gupta said. Know more here
MCX Gold and Silver ended with minor gains on Friday with the former settling with an uptick of Rs 3 per 10 gram at Rs 65,545 while the latter ending up by Rs 3 at Rs 75,226 per kg.
«Gold is expected to trade with a slight negative bias at the start of the week on the US inflation concerns, ahead of the Fed's monetary policy decision due Wednesday,» Praveen Singh – Associate Vice President, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas said.
He said that
