Gold price at two-week high on inflation policy bets
On the MCX, October gold futures fell by 0.88 per cent to Rs 51,319 per 10 gm, while silver December futures were at Rs 67,928 per kg.
Spot gold was up 0.3 per cent at US$1,962.78 per ounce by 2.59am GMT, adding to a 0.8 per cent gain in the previous session.
In the worldwide market, spot gold (Comex) rose to as high as $1,968.80 per ounce on Tuesday, its highest intraday level recorded since September 2, as a softer dollar and expectations the Federal Reserve will reinforce its accommodative monetary policy supported the yellow metal.
The uncertainty over BREXIT withdrawal, US-China tensions and rising coronavirus cases has kept risk premium high for the gold prices.
The price of one gram of 24 karat gold stands at Rs 5,046 for September 14, while the worth of 22 karat gold per gram today is Rs 4,946. Some analysts say gold is still in a bullish trend from a long-term perspective due to the coronavirus pandemic.
"Additionally choppy trade may also be witnessed due to positioning for central bank meetings this week which may impact currency movement".
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Traders now await the U.S. Fed's two-day policy event which ends on Wednesday, its first such meeting since Chairman Jerome Powell unveiled a policy shift towards greater tolerance of inflation, effectively pledging to keep interest rates low for longer.
The dollar index slipped against its rivals after its worst session in more than two weeks, making gold less expensive for holders of other currencies.
Silver gained 0.7 per cent to US$27.35 and palladium was up 0.3 per cent at US$2,318.80.
"Amid other factors, gold ETF flows have also been mixed indicating lack of confidence in investors".
Meanwhile, the United Kingdom government has won an initial Parliamentary vote on its controversial bill to violate the Brexit deal with the European Union.
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