Zee Media Bureau
New Delhi: Gold prices edged higher but failed to reclaim Rs 28,000 per 10 gram level in futures trade Wednesday as speculators created fresh positions amid a firm global trend.
At the Multi Commodity Exchange (MCX), gold for delivery in August gained by Rs 68 or 0.24 percent to settle at Rs 27,934 per ten grams.
Gold in overseas markets, which normally set price trend on the domestic front, ended lower but traders largely shrugged off a statement from the Federal Reserve hinting the US central bank was in no rush to hike interest rates, which would reduce appetite for the precious metal.
Spot gold maintained earlier losses and was down 0.2 percent at USD 1,295.79 an ounce, below the previous close of USD 1,298.10.
The most-active US gold futures contract also settled down USD 3.40 or 0.3 percent at USD 1,294.90 an ounce.
Following a two-day meeting that ended on Wednesday, Fed policymakers reiterated concerns about slack in the labor market and reaffirmed it will not hurry to raise rates.
Meanwhile, gold prices fell by Rs 150 to Rs 28,200 per 10 gram at Delhi bullion market on a weakening global trend.
However, silver recovered by Rs 400 to Rs 44,800 per kg on increased off take by industrial units and coin makers.
