Gold and silver prices in India traded lower on the Multi Commodity Exchange (MCX) on Wednesday, amid profit booking after a strong rally in previous sessions, and caution ahead of the US Federal Reserve policy meeting.
MCX gold rate for August futures contracts opened 0.19% lower at ₹1,52,800 per 10 grams level as against its previous close of ₹1,53,091 level. MCX silver price for July futures contracts opened 0.18% higher at ₹2,50,557 per kg as compared to its previous close of ₹2,50,105 level.
At 9:05 AM, MCX gold rate was trading lower by ₹371, or 0.24%, at ₹1,52,720 per 10 grams, while MCX silver price was down by ₹54, or 0.02%, at ₹2,50,051 per kg.
In the international market, gold prices extended gains for a fifth consecutive session as optimism over the US-Iran peace deal eased expectations of US Fed rate hikes, while investors awaited further details on the US-Iran peace deal.
Spot gold price rose 0.3% to $4,341.12 per ounce, trading near a one-week high hit on Monday. US gold futures for August delivery rose 0.2% to $4,361.10. Spot silver prices rose 0.3% to $70.38 per ounce.
