Gold prices remained under pressure for the fourth day in Indian markets today. On MCX, October gold futures were down 0.50% to 37,503 per 10 grams amid a stronger rupee. Gold is now down about 2,400 from record highs of 39,885, hit earlier this month. Silver prices also on MCX also fell 0.50% to 46,370 per kg. Silver has suffered higher losses than gold over the past few days as it remains 5,100 lower than it recent highs of 51,489 a kg.

In spot market, prices of 24 Karat gold fell 170 to 38,390 per 10 gram while silver also witnessed a correction, declining by 120 to 47,580 per kilogram.

The rupee today jumped to 70.94 against the US dollar while domestic stock market index Sensex notched their best day in more than a decade after the government announced deep cuts in corporate taxes to revive flagging growth.

In global markets, gold prices were up 0.3% to $1,503.59 an ounce. Gold prices have come off six-year highs of $1,550 in global markets, hit earlier this month. "Gold continues to remain in a broad range near $1500 per ounce. Gold may remain under pressure on Fed’s non-committal stance but we may not see a sustained decline as geopolitical issues and global economic risks may keep a floor to price," Kotak Securities said in a Thursday note.

Central banks across the world face increasing pressure to offer monetary support amid a slowing global growth. The US Fed on Wednesday cut interest rate by 25 basis points but gave mixed signals about future rate cuts. Earlier this week, gold saw some safe-haven demand following an attack on Saudi oil facilities.

"Disappointment over Fed’s non-committal stance on future rate cuts has put some pressure on commodities. ETF outflows also show weaker investor interest in silver," the brokerage added.

Gold traders will also watch the progress in US-China trade talks as deputy trade negotiators of both the countries resumed face-to-face talks for the first time in nearly two months on Thursday.

Helping gold in global markets is a weaker dollar. The dollar index dipped today against a major basket of currencies as the greenback struggled to gain in the face of the less dovish Fed meeting.

The gold price rally seen this year has hurt demand in India, world's second biggest market. Prices are up around 20% year to date, dampening demand at a time when the economy has slowed down. Analysts would be closely watching the demand in the forthcoming festive season, typically when buying picks up.

The GST Council in its meeting today may discuss a proposal moved by Kerala on introducing e-way bill system for movement of gold and precious stones, Press Trust of India reported, citing sources.

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