Yellow metal prices witnessed a nominal rise on Monday as on the Multi-Commodity Exchange (MCX), August gold contracts jumped 0.25 per cent to Rs 47,653 for 10 grams. Silver also moved upwards as September futures climbed 0.04 per cent to reach Rs 67,194 per kilogram.
Meanwhile in the international market, gold prices witnessed a fall as spot gold dropped by 0.1 per cent to $1,799.89 per ounce. US gold futures fell by a meagre margin of 0.2 per cent to $1,798.90 per ounce.
Globally, investors are keeping a close watch on the Federal Open Market Committee’s meeting this week. It is generally being speculated that the US central bank will keep the policy rates and stance unchanged during the meeting.
“COMEX gold trades marginally higher near $1,807 per ounce after a 0.2 per cent decline in previous session. Gold inched up amid choppiness in US dollar, increasing virus concerns, US-China tensions and China’s crackdown on technology firms. However, weighing on price is continuing ETF outflows, weaker consumer demand and uncertainty ahead of the Fed meeting this week. Gold may remain supported near $1,800 per ounce until dollar is steady,” said Ravindra Rao, Head Commodity Research at Kotak Securities.