Sovereign gold, however, remained flat at Rs 24,600 per piece of eight grams.Gold bounced back by Rs 150 to Rs 30,800 per ten grams at the bullion market today due to pick up in buying by local jewellers even as the precious metal weakened overseas, reported news agency Press Trust of India.
However, silver drifted lower by Rs 150 to Rs 39,050 per kg due to reduced offtake by industrial units and coin makers.
Traders said fresh buying by local jewellers at domestic spot market mainly attributed the recovery in gold prices, but a weak trend overseas, pressured by a stronger US dollar ahead of the outcome of a Federal Reserve monetary policy meeting later in the day, capped the rise.Here are five things to know about gold prices, silver rates today:1.
Globally, gold was stable near one-year lows on Wednesday on a stronger dollar, as the market waited for signals on the direction of US monetary policy from a Federal Reserve meeting, reported Reuters.Spot gold edged down 0.1 per cent to $1,223.08 per ounce, close to a one-year low of $1,211.08 reached on July 19.
US gold futures were 0.2 per cent lower at $1,231.80 an ounce.
2.
In Delhi, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 150 each to Rs 30,800 and Rs 30,650 per ten grams, respectively.
It had lost Rs 130 in the previous two sessions.
Sovereign, however, remained flat at Rs 24,600 per piece of eight grams.
3.
"As expected, the MCX gold stayed in a tight range today.
The focus is FOMC (Federal Open Market Committee) monetary policy and its guidance.
Nonetheless it is largely anticipated that US will keep rates unchanged.
Comex gold holds fourth straight monthly decline as investors assess outlook for US-China trade war, said Jigar Trivedi, fundamental research analyst - commodities, AnandRathi Commodities.4.
On the other hand, silver ready fell by Rs 150 to Rs 39,050 per kg and weekly-based delivery by Rs 60 to Rs 38,180 per kg.
5.
Silver coins, however, continued to be enquired at the previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.(With agency inputs)