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Gold rate today: Gold prices rise today ahead of US Fed policy meeting, nearly Rs 52,000



NEW DELHI: Gold and silver prices gained in Tuesday trading ahead of US Federal Reserves policy meeting, while continued surge in Covid-19 business also contributed to demand for meters ingots.

The total number of Covid-19 patients in India has approached the 50 lakh mark, the second largest in the world behind the United States and there have been more than 80,000 deaths from the deadly virus.

MCX gold futures rose 0.30% or Rs 203 to Rs 51,890 per 10 grams. Silver futures rose 0.67 percent or 463 rupees to 69,428 rupees per kg.

Gold prices edged down from Rs 24 to Rs 52.465 per 10 grams on Monday in the nation’s capital amid the rupee’s appreciation, according to HDFC Securities. The prices of silver, however, increased from 222 rupees to 69,590 rupees per kilogram.

Globally, gold prices rose as the dollar remained subdued as investors focused on a U.S. Federal Reserve monetary policy meeting, seeking details of its plans on targeting the inflation.

Spot gold was up 0.3% to $ 1,962.78 an ounce at 0259 GMT, adding to a 0.8% gain in the previous session. US gold futures rose 0.5% to $ 1,972.60.

“Gold looks firm mainly due to a weaker dollar and yields on US Treasuries are falling a bit,” said Edward Meir, analyst at ED&F Man Capital Markets.

The dollar index slipped against rivals after its worst session in more than two weeks, making gold cheaper for holders of other currencies.

Market participants are now awaiting the US Fed’s two-day political event which ends Wednesday, its first such meeting since President Jerome Powell unveiled a policy shift towards greater tolerance for inflation, effectively committing to keep interest rates low for longer.

Platinum rose 0.5% to $ 958.48 an ounce after hitting its highest level since Aug. 18 at $ 966. Silver gained 0.7% to $ 27.35 and Palladium rose 0.3% to $ 2,318.80.

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