Gold prices rise as Fed set to take a call on rate hike
New Delhi: Gold prices pushed higher by Rs105 to Rs30,380 per 10 grams on Tuesday as the US Federal Reserve kicks off its two-day policy meeting. Any delay on rate hike keeps the dollar on the back foot and increases the lure of the yellow metal among investors.
Domestic jewellers played ball amid a firm trend overseas. Silver too rebounded Rs250 to Rs40,250 per kg, driven by industrial units and coin makers.
Traders said increased buying by local jewellers to meet wedding season demand at the domestic spot market and a strong trend overseas led to the recovery in gold prices. Globally, gold rates rose 0.22% to $1,276 an ounce in New York on Monday.
In the national capital, gold of 99.9% and 99.5% purity bounced back by Rs105 each to Rs30,380 and Rs30,230 per 10 grams, respectively. It had lost Rs75 on Monday. Sovereign, however, remained steady at Rs24,700 per piece of eight grams in scattered deals.
Silver ready price was up by Rs250 at Rs40,250 per kg and that of weekly-based delivery by Rs220 at Rs39,295. On the other hand, silver coins remained unchanged at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.