On the Multi-Commodity Exchange (MCX), June gold contracts were trading a bit on the lower side by 0.03% at Rs 47,450 for 10 grams during the early hours on Tuesday. May silver futures too were trading 0.01% lower at Rs 68,674 a kilogram.
At the same time gold MCX June futures traded flat with a negative bias following a subdued trend being witnessed in the international spot prices as a stronger dollar muted the yellow metal’s appeal, while the market looked forward to cues from the US Federal Reserve’s policy meeting.
While no major decisions are likely during the two-day meeting of US Fed’s policy meeting which will continue till April 28, investors will watch keenly its chairman Jerome Powell’s outlook on the economy.
Meanwhile gold and silver gained amid expectations from the meeting and settled on a positive note.
Gold June futures contract settled at $1780.10 per troy ounce, and silver May futures contract settled at $26.21 per troy ounce.
Owing to a stronger rupee, both the metals settled on a mixed note in the domestic markets. Gold June futures contracts settled at Rs 47,462 per 10 gram, and silver May futures contracts settled at Rs 68,680.