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Gold Rate Today: Gold, silver up in morning trade; should you buy?

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NEW DELHI: Gold prices were trading higher in on Tuesday morning following weak dollar against a basket of currencies as traders were cautious about taking new positions ahead of the Federal Reserve’s two-day policy meeting and trade talks between China and the United States.

MCX Gold was trading 0.09 per cent up at 32,577 per 10 gram at around 10.55 am (IST), while MCX Silver was up 0.04 per cent at Rs 39,950 per 1 kg at around the same time.

There are expectations that the US Federal Reserve may keep interest rate steady.

According to SMC Global Securities, bullion counter may trade with positive bias as it edged up to a seven-month high on Tuesday, amid weakness in dollar ahead of a two-day US Federal Reserve meeting.

“Gold (Apr) can test 32,800 taking support near 32,250. Silver can test 40,200 taking support near 39,600. Investors are focusing on the Fed’s two-day policy meeting, starting later in the day, where the US central bank is expected to leave interest rates unchanged,” the brokerage house said.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.73 per cent to 815.64 tonnes on Monday from Friday.



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