New Delhi: Gold futures slipped Rs 176 to Rs 1,19,470 per 10 grams on Wednesday, as investors remained cautious ahead of the US Federal Reserve's monetary policy decision later in the day.Extending the losses for the fourth straight session, gold futures for December delivery fell by Rs 176, or 0.15 per cent, to Rs 1,19,470 per 10 grams, in a business turnover of 13,116 lots on the Multi Commodity Exchange (MCX).
However, silver futures staged a rebound on value buying. The white metal for December delivery rose by Rs 451, or 0.31 per cent, to Rs 1,44,793 per kilogram in 20,331 lots.Globally, Comex gold futures for December delivery were trading lower by USD 15.9, or 0.4 per cent, at USD 3,967.2 per ounce, marking their fourth consecutive day of decline.
"Gold prices traded around USD 3,970 per ounce on Wednesday, as the attention turned to the Federal Reserve's (Fed) expected rate cut later in the day," Jigar Trivedi, Senior Research Analyst at Reliance Securities, said.He added that traders are also watching for signals from Fed Chair Jerome Powell on the future path of monetary policy, with markets already pricing in another rate reduction in December.
"Investors continued to monitor progress toward a potential US'?China trade breakthrough that could further dampen safe-haven demand, Trivedi said.Comex silver futures for December delivery rose by 0.32 per cent to USD 47.47 an ounce.Meanwhile, US President Donald Trump and Chinese President Xi Jinping are expected to finalise a framework agreement aimed at halting further US tariff increases and easing China's restrictions on rare earth exports.
Despite the weakness, Jigar Trivedi noted that the precious metal remains on track for a third monthly gain and is up roughly 50 per cent this year, supported by economic and geopolitical uncertainties, strong central bank buying, and concerns over currency debasement.
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