Gold prices fall on Wednesday ahead of Fed meeting outcome, silver trades flat

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Published: January 29, 2020 10:45:18 AM

On the MCX, gold February futures were trading Rs 143 lower at Rs 40,099 per 10 grams, while silver March futures were trading flat at Rs 45,475 per kg.

Gold, silver priceMCX gold corrected on Wednesday morning, continuing with yesterday’s weak momentum

Gold and silver prices were trading lower on Wednesday as strengthening in the dollar on the back of positive economic data from the US has hurt sentiments, Jigar Trivedi, Research Analyst – Commodities Fundamental, Anand Rathi Shares and Stock Brokers said. “MCX gold corrected on Wednesday morning, continuing with yesterday’s weak momentum. As expected the durable goods orders grew at a pace of 2.4 per cent in December as against forecast of growth of 0.4 per cent only and de-growth of 3.1 per cent a month ago. Consumer confidence too grew at 131.6 versus the forecast of 128 versus the previous month’s reading of 128.2. This could be increasing the chances that the Fed would not be dovish in the FOMC meeting and that is weighing on prices,” Jigar Trivedi said. On the MCX, gold February futures were trading Rs 143 lower at Rs 40,099 per 10 grams, while silver March futures were trading flat at Rs 45,475 per kg.

Spot gold remained steady at $1,565.69 per ounce. US gold futures fell 0.3 per cent to $1,565.10. Oil prices rose for the second day on Wednesday. Brent crude rose 85 cents, or 1.43 per cent, to $60.36 a barrel. US crude was up 75 cents, or 1.4 per cent, at $54.23 a barrel.

Back home, Sensex and Nifty were trading higher. S&P BSE Sensex was trading 240 points or 0.59 per cent higher at 41,207.77, while broader Nifty 50 index was ruling at 12,152.75, up 97 points. On Tuesday, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 1,358 crore while DIIs were net buyers to the tune of Rs 712 crore, as per the data available with NSE.

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