Gold rose on Thursday, trading close to a three-week peak hit in the previous session after the US Federal Reserve phased out a possibility of an interest rate hike this year, while palladium scaled a record peak on supply issues.
Asian shares were trading near six-month highs ahead of a policy decision by the US Federal Reserve.
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According to Angel Commodities, on Monday, Spot gold prices rose by 0.18 percent to close at $1303.5 per ounce on hopes that the U.S. Federal Reserve will continue to have a dovish approach.
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Spot gold was down 0.2 percent at $1,299.13 per ounce by 0443 GMT. US gold futures fell 0.3 percent to $1,299 an ounce.
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Analysts said raising of bets by participants, taking positive cues from global market as weakness in dollar raised demand for the precious metal, mainly pushed up gold prices at futures trade here.
According to Angel Commodities, on the MCX, gold prices are expected to trade lower today; international markets are trading flat at $1295.05 per ounce.
The dollar slipped 0.1% against major currencies, and was on track for its biggest weekly loss since early December.
Market-men said the fall in gold prices at futures trade was mostly due to trimming of positions by participants.
The lawmakers are now widely expected to vote, later in the day, to delay Britain's departure from the EU, currently scheduled for March 29.
Similarly, the June contracts of the precious metal was trading up Rs 171, or 0.53%, at Rs 32,432 per 10 gram with a business volume of 9,970 lots.
Globally, gold rose 0.59 per cent to trade at $1,296.39 an ounce in Singapore.
According to Angel Commodities, on the MCX, gold prices are expected to trade lower today; international markets are trading higher by 0.38 percent at $1296.05 per ounce.
Fading appetite for riskier assets amongst the investors due to mounting global growth concerns increased demand for Dollar (safe haven)which might in turn pressurize Gold
Traders said easing demand from local jewellers as well as retailers at the domestic spot market led to the decline in prices, but a firm trend overseas capped the fall.
Gold futures in India fell to 31,777 rupees per 10 grams on Thursday, the lowest level since January 9.
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Tracking gold, silver advanced by Rs 120 to Rs 39,100 per kg due to increased offtake by industrial units.
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According to Angel Commodities, on the MCX, gold prices are expected to trade lower today; international markets are trading higher by 0.12 percent at $1287.65 per ounce.
At the MCX, gold for delivery in April was trading lower by Rs 83, or 0.26 percent, at Rs 31,865 per 10 gram in a business turnover of 11,367 lots.
According to Angel Commodities, on the MCX, gold prices are expected to trade lower today; international markets are trading lower by 0.04 percent at $1287.05 per ounce.