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Gold continued to trade in a tight range on Wednesday ahead of the Federal Open Market Committee (FOMC) meeting outcome scheduled later today. The bias was negative amid gains in the dollar index (DXY).
Analysts say bullion is trading near an important support zone, according to the daily chart
Taking cues from the price movement in the international markets, February MCX gold futures were trading at Rs 62,285 per 10 grams around 10 am and were up Rs 179 or 0.29% while the March Silver futures were trading higher by Rs 178 or 0.25% at 71,951 per kg.
Strong economic data in the US seemed to have spoiled the party for Gold in back-to-back sessions as the yellow metal traded in the red on Thursday despite a minor uptick in the dollar index (DXY).
Taking cues from the international market, MCX February gold futures were trading at Rs 61,976 per 10 grams, up by Rs 8 or 0.01%. Meanwhile, the March Silver futures were trading at Rs 71,000 per kg, marginally up Rs 43 or 0.06%.