Gold prices in India edged higher today amid mixed global cues. On MCX, August gold futures were up 0.35% to ₹47,180 per 10 gram after a two-day decline. Silver futures on MCX rose 0.7% to ₹47,719 per kg. In the previous session, gold had weakened 0.64% while silver fell 0.8% on MCX. Gold prices in India have remained volatile after hitting a record high of about ₹48,000 last month. Globally also gold has struggled to break above above $1750/ounce.
In global markets, gold prices were flat today as the US dollar weakened after Federal Reserve announced it would buy individual corporate bonds in the secondary market. A rebound in global equity markets also capped gold’s upside. Spot gold was flat at $1,725.23 per ounce. Among other precious metals, platinum rose 0.7% to $817.20, while silver fell 0.4% to $17.37.
Overnight, the US Federal Reserve announced plans to buy individual corporate bonds through its Secondary Market Corporate Credit Facility. Reports of Trump administration is considering $1 trillion in infrastructure spending to boost economy also lifted equity markets and improved risk sentiment across the world.