Gold remains flat for 2nd day, silver rises Rs 200

New Delhi: Gold traded flat at Rs74,150 per 10 grams for the second day in a row in the national capital on Thursday, according to the All India Sarafa Association. However, silver prices firmed up Rs200 to Rs87,200 per kg against Rs87,000 per kg in the previous close on Wednesday. Gold of 99.5 per cent purity also remained flat at Rs73,800 per 10 grams for the second day. Internationally, Comex gold traded at $2,537.80 per ounce, down by $9.70 while silver quoted marginally down at $29.94 per ounce in the global markets.

Even Federal Open Market Committee (FOMC) meeting minutes released on Wednesday have influenced the purchasing pattern among traders. The FOMC meeting minutes said that the recent progress on inflation and surge in unemployment is providing room for 25 basis point rate cuts in the next policy meeting. Gold and silver traded steadily and settled on a mixed note as the majority of Fed members agreed to cut interest rates in the next policy meeting, Rahul Kalantri, Vice President of Mehta Equities, said. However, “some officials are still in the wait and watch approach, moving according to the economic data points,” Manav Modi, Senior Analyst - Commodity Research at MOFSL, said.