Gold price today: Yellow metal steady amid delay in trade deal, US Fed outcome

Gold remained flat with a negative bias on domestic futures on October 30 due to a possible delay in the US-China trade pact.

Meanwhile, investors across the globe also wait for the decision of the US Federal Reserve’s on interest rates later in the day.

The Fed is scheduled to meet on October 29-30. “Investors expect the US Federal Reserve to cut interest rates by 0.25 percentage point for the third time this year later in the day, with Federal fund futures implying that traders see a 94 percent chance for a 25 basis point rate cut,” said a Reuters report.

Gold December futures were trading flat with a positive bias at Rs 37,957 per 10 gram at 0910 hrs IST. It closed 0.02 percent lower at Rs 37,916 on October 30.

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Gold and Silver prices traded on a weaker note on September 29. Spot Gold in the international market tested $1,485 and silver test $ 17.70 per troy ounce. In the domestic market, gold prices tested 37,800 and silver prices tested Rs 45,556.

After downbeat US consumer confidence data both the precious metals get support at lower levels. Weaker data raise hope for further rate cut by the US Federal Reserve.

“Possibility of a faster trade deal between US-china, delaying Brexit eased safe-haven buying in precious metals. We expect both the precious metals remain volatile ahead of Fed meeting outcome and gold could face stiff resistance around 38,050-38,100,” Manoj Kumar Jain, Director at IndiaNivesh Commodities, told Moneycontrol.

“Silver face resistance around 46,350 levels. Gold prices could test 37,800 and silver could test 45,700 levels again,” he said.