Gold Rate Today: Gold in the red ahead of Fed meeting minutes

Gold was trading marginally in the red in early trade on Wednesday as market participants remained cautious ahead of the release of minutes from the US Fed’s last meeting, which could offer hints on the outlook for the central bank's monetary policy.

MCX Gold futures were down 0.12 per cent, or Rs 34, at Rs 29,313 per 10 gram around 10.35 am (IST), while MCX Silver futures were up 0.03 per cent, or Rs 12, at Rs 39,312 per 1 kg at around the same time.



According to SMC Investments and Advisors, bullion counter may remain on a volatile path as US jobless claim data, FOMC meeting minutes along with movement of greenback to give further direction to the prices.

Movement of local currency rupee will give further direction to the prices.

“Gold can move in range of Rs 29,100-29,550 while silver can move in range of Rs 39,000-39,700 in near term,” SMC said.

Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.04 per cent to 843.39 tonnes on Monday.

Meanwhile, benchmark equity indices climbed on Wednesday on the back of postive Asian cues.

The BSE Sensex advanced over 100 points in early trade.