Profit-Taking Pulls Gold and Silver from Record Highs amid Fed Policy Watch
Gold and silver prices dropped from their previous record highs as profit-taking activities ensued amidst expectations surrounding the US Federal Reserve's anticipated monetary policy decision. In futures trade, both metals witnessed a decline, with cautious investor sentiment preceding potential Fed rate cuts and global market meetings impacting the precious metals.
- Country:
- India
Gold and silver prices experienced a downward trend from recent record-setting highs amid profit-booking strategies by traders. This shift comes as market participants eagerly anticipate policy decisions from the US Federal Reserve.
On Wednesday, on the Multi Commodity Exchange (MCX), October gold futures slipped Rs 259 to settle at Rs 1,09,897 per 10 grams. This decline follows the yellow metal's ascent to Rs 1,10,666 per 10 grams earlier. Likewise, December gold futures fell Rs 232 to Rs 1,10,953 after peaking at Rs 1,11,703 the previous day.
Silver futures were similarly affected, with December deliveries dropping Rs 1,267 per kilogram, recording a fall to Rs 1,27,553. The March 2024 contract saw a less severe decrease of Rs 1,169 per kg. Internationally, gold and silver futures dipped slightly post-record highs as caution prevailed over the awaited Fed policy, with expected developments potentially inducing market volatility.
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