Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Wednesday tracking gains in the international spot prices. Investors remained cautious ahead of the US Federal Reserve’s policy decision. Silver prices also gained marginally.

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At 10:10 am, gold futures for April delivery rose 0.35 percent to Rs 44,972 per 10 grams as against the previous close of Rs 44,813 and the opening price of Rs 44,890 on the MCX. Silver futures traded 0.17 percent higher at Rs 67,032 per kg. The prices opened at Rs 66,930 as compared to the previous close of Rs 66,919 per kg.

“The gold prices remained rangebound on cautiousness ahead of the US Fed meet outcome. Steady US dollar and rise in bond yields may pressurize the yellow metal prices,” said Ajay Kedia, Director, Kedia Advisory.

International gold prices edged up on Wednesday to hover near their highest in more than two weeks on prospects of higher inflation, although trade was range-bound as investors exercised caution ahead of the US Federal Reserve’s two-day policy meet outcome, a Reuters report said.

Spot gold was up 0.2 percent at $1,734.00 per ounce, having touched a high of $1,740.90 since March 1. US gold futures were up 0.1 percent to $1,731.90.

The US dollar gained for the fourth session, supported by elevated benchmark US Treasury yields on expectations of a strong economic recovery after a $1.9 trillion recovery package was signed into law last week.

Investors will eye Federal Reserve’s outcome later today and policymakers’ remarks on a recent spike in bond yields, fears about rising inflation and the economic outlook.

“Gold prices are expected to remain choppy ahead of the Fed’s decision. It will remain sideways-to-lower below $1,745 level. Breaching this level, we can see a rally in gold prices,” Kedia said.

On MCX, support for gold is placed at Rs 44,400 level and resistance is seen at Rs 45,300 level. Silver may face resistance at Rs 68,400 and support at Rs 66,000 level, Kedia added.

Here are gold rates across major cities:

Here are silver rates across major cities:

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