INSUBCONTINENT EXCLUSIVE:
Gold and silver were trading lower in morning trade on Friday as the dollar strengthened after the US Federal Reserve kept interest rates
steady with a fourth hike for this year expected next month
MCX Gold futures were down 0.23 per cent at Rs 31,335 per 10 gram at around 11.35 am (IST), while MCX Silver was down 0.11 per cent at Rs
37,570.
According to SMC Global Securities, bullion counter may trade on weak bias on Friday
The yellow metal can take support near Rs 31,250 and can face resistance near Rs 31,600 in MCX
While silver can take support near Rs 37,200 and can face resistance near Rs 38000
The Fed’s statement on Thursday overall reflected little change in its outlook for the economy since its last policy meeting in September
Inflation remained near its 2 per cent target, unemployment fell, and risks to the economic outlook were still felt to be “roughly
balanced.” China wants to resolve problems with the United States through talks but it must respect China’s choice of development path
and interests, President Xi Jinping said on Thursday ahead of a meeting with the US leader in Argentina.
Holdings in SPDR Gold Trust, the
world’s largest gold-backed exchange-traded fund, fell 0.19 per cent to 755.23 tonnes on Wednesday, marking the fourth straight session on
declines, according to Reuters.
