Gold steady, ends at Rs 28,955 ahead of Akshaya Tritiya

Kolkata: Gold remained steady on Thursday with prices closing at Rs 28955 per 10 gm in the physical market as compared to yesterday's closing of Rs 28,550 per 10 gm. Base metals showed a mixed trend while oil prices feel weighed down by oversupply.

Gold prices were little changed, holding near prior session's two-week low as investors digested US President Donald Trump's outline for tax reform, said Motilal Oswal Commodities. The plan drew cautious welcome from amid fears that it would make federal deficit balloon if enacted. Meanwhile, traders keenly eyed central bank meetings in Europe. Holdings of New York's SPDR Gold Trust GLD, fell 0.69%, while New York's iShares Silver Trust SLV rose 0.61%.

Base metals are trading mixed. Copper drifted lower as markets were underwhelmed by U.S. President Donald Trump's proposed tax cuts and focus has now shifted to concerns over China's manufacturing growth. Freeport McMoRan Inc is preparing three copper concentrate export shipments from its giant Grasberg mine in Indonesia after 15-week outage.

Oil prices fell, weighed down by oversupply, but losses were limited by expectations that major exporters would agree to extend production cuts to try to rebalance market. Libya's Sharara oilfield has restarted after end of protests by armed group that had blocked pipelines there, said Motilal Oswal Commodities.