On MCX, the gold April futures were trading lower at Rs 40,070 per 10 grams, down Rs 130 or 0.32 per cent, while silver March futures edges higher and were ruling at Rs 45,834 per Kg, up Rs 100 or 0.22 per cent.
The gold April futures were trading lower on MCX ahead of the RBI policy outcome today. “MCX gold opened with losses since the rupee has appreciated ahead of RBI monetary policy review. The domestic currency also got a boost due to a sharp fall in crude oil overnight. The dollar has also strengthened since the US reported better than forecast private employment scenario,” Jigar Trivedi, Fundamental Research Analyst – Commodities, Anand Rathi Shares and Stock Brokers said. On MCX, the gold April futures were trading lower at Rs 40,070 per 10 grams, down Rs 130 or 0.32 per cent, while silver March futures edges higher and were ruling at Rs 45,834 per Kg, up Rs 100 or 0.22 per cent.
“We expect the yellow metal to trade with a weaker tone in intraday with support near Rs 39,900-39,830 and resistance around Rs 40,200. Sentiment would be bearish,” Jigar Trivedi said. Spot gold was flat at $1,556.36 per ounce. Prices hit a more than two-week low of $1,546.90 in the previous session. US gold futures fell 0.2 per cent to $1,559.30, as per Reuters news report.
In commodities, US West Texas Intermediate (WTI) crude gained 2.17 per cent to $51.85 per barrel, extending its rebound from a 13-month low of $49.31 touched on Tuesday. On the domestic equity market front, Sensex and Nifty were trading flat. S&P BSE Sensex was trading flat at 41,175 points while the broader Nifty 50 index was ruling at 12,097 points.
Foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 249 crore while the domestic institutional investors (DIIs) were net buyers to the tune of Rs 263 crore on Wednesday, as per the NSE data.