Global gold prices retreated from highs in futures trade on Tuesday with investors in anticipation an expected rate cut from the US Federal Reserve 2-day meeting which will begin today.
Gold prices gained ~1% on Monday. Spot Gold touched $1,500/ounce in the international market, thanks to heightened geopolitical risks emerging from a drone attack on Saudi Arabia's oil refinery on Sep 14.
Geopolitical tensions, weakness in rupee, and expectations of a Fed rate cut are likely to keep gold prices up in the near future.
Back home, MCX Gold prices hit a high of Rs38,215/10g, while silver touched a high of Rs47,328/kg on Monday.