Gold Prices Today: Yellow metal to stay range-bound; Fed’s aggressive stance may pose challenges.
Investors are waiting for the US Fed Reserve rates, which are expected next week, for clues of the rate hikes’ speed. This year, high interest rates have hurt gold’s role as a conventional hedge against inflation and other concerns, said Prathamesh Mallya of Angel One.
Gold prices struggled for momentum on Wednesday in the international markets as investors looked to next week’s US Federal Reserve policy meeting for clues on the pace of rate hikes.
At 10.13 am, gold contracts were trading 0.2 percent higher on the Multi Commodity Exchange (MCX) at Rs 53,769 for 10 grams. Silver added 0.33 percent at Rs 65,630 a kilogram.
Spot gold was little changed at $1,770.46 per ounce, as of 0008 GMT. US gold futures were flat at $1,783.10.
