Gold Prices Near Rs. 52000/10 gm; Fed Policy Statement To Give Direction

Gold prices in India on September 15, 2020 rise for the second consecutive day even as international rates are largely steady. On the MCX, gold for October delivery rose another 0.45% or 233 points to Rs. 51920. Also, silver inched higher by 0.78% or Rs. 538 to Rs. 69503 per kg.

In the international markets, gold remains steady as dollar looses ahead of the US Fed monetary policy meeting that may provide further direction on the stimulus measures and inflation targets. Spot gold was flat at $1,956.17 per ounce by 0024 GMT after gaining 1% on Monday.

The dealers await Fed's monetary policy decision which is due to be out tomorrow and the committee in a statement of Monday said U.S. Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell will testify before the Senate Banking Committee on coronavirus relief

The uncertainty over BREXIT withdrawal, US-China tensions and rising coronavirus cases has kept risk premium high for the gold prices.

Outlook for gold for this week

For the ongoing week, the Fed statement will be highly important and may determine the direction of the precious yellow metal.

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