Gold Futures Ease Nearly 1% to Rs 1.41 Lakh/10g Ahead of Fed Policy Decision

New Delhi: Gold futures dropped by Rs 1,213 to Rs 1.41 lakh per 10 grams on Tuesday, tracking losses in global markets and caution ahead of the US Federal Reserve’s monetary policy decision.

On the Multi Commodity Exchange, yellow metal contracts for August delivery traded lower by Rs 1,213, or 0.85 per cent, at Rs 1,41,850 per 10 grams in a business turnover of 759 lots.

Traders said the fall mirrored weak global sentiment as market participants refrained from taking fresh positions ahead of the Fed’s policy outcome on July 29.

“A strong US dollar and cautious investors’ sentiment ahead of the Federal Reserve’s monetary policy decision also weighed on the precious metal,” said Gaurav Garg, Research Analyst at Lemonn Markets Desk.

In the international markets, Comex gold futures declined by 0.85 per cent to USD 4,041.42 per ounce in New York.

For those planning to invest instead of buying physical gold, you can also check the list of Gold ETFs in India: https://hdfcsky.com/etf/gold-etf

The losses in gold, however, were capped after US President Donald Trump hinted that Washington is engaged in “good talks” with Iran, raising hopes of a diplomatic resolution and pushing oil prices lower, said Pinky Yadav, Commodity Fundamental Analyst at Choice Broking.

She added that the broader outlook for gold continues to be underpinned by resilient demand from China, where higher imports, sustained investor buying and continued inflows into bullion-backed exchange-traded funds reflected healthy physical and investment demand.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)