Gold Rate Today: Metal on Edge Ahead of Fed Minutes

3 Jan 2024 , 11:32 AM

On Wednesday, Gold experienced limited fluctuations in its trading range as investors awaited the release of FOMC minutes from the December monetary policy meeting. The market anticipates gaining a clearer understanding of the Federal Reserve’s decision-making direction in the near future.

As of 0132 GMT, spot gold was up 0.1% at $2,061.49 per ounce. Gold futures in the United States fell 0.2% to $2,069.90 per ounce.

Spot silver rose 0.1% to $23.66 per ounce, while platinum held steady at $981.27. Palladium climbed 0.3% to $1,084.40 per ounce.

Taking cues from the worldwide market, MCX February gold futures were trading flat in early trade. They were trading at Rs 63,274 per 10 grams, up Rs 17 or 0.03% from the previous day’s closing. Meanwhile, March silver futures were selling at Rs 74,061 per kilogramme, a Rs 34 or 5% decrease.

On Wednesday, Comex Gold futures were trading at $2,073.10 per troy ounce, down $0.30 or 0.01%, while Comex Silver futures were selling at $23.920, down $0.033 or 0.140%.

On Tuesday, the MCX Gold February contract finished at Rs 63,298, up Rs 41, while March Silver futures closed at Rs 74,155, up Rs 60 or 0.08%.

Gold remained relatively unchanged after falling for the third day, affected by a stronger dollar as speculators anticipated fewer interest-rate decreases. It reached a new high in December, concluding 2023 with a 13% rise due to expectations for Federal Reserve changes in 2024.

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