Gold and silver are trading on the lower side of the Multi Commodity Exchange(MCX) on Wednesday. Recording a downfall of 0.37 per cent or Rs 178, gold futures, maturing on December 3, 2021, are retailing at Rs 47,584 per 10 grams. The rate of silver futures, maturing on December 3, 2021, stands at Rs 63,153 per kg with a downfall of 0.14 per cent or Rs 89.

Yesterday, while gold stood at Rs 47,835 per 10 grams on the MCX, silver was retailing at Rs 64,600 per kg, recording a dip of Rs 165 or 0.25 per cent on the MCX.

Gold and silver prices in international market

Globally, gold prices inched lower on Wednesday as investors awaited the result of a U.S. Federal Reserve policy meeting to assess how the central bank plans to combat rising inflation and ease worries about economic recovery.

While spot gold fell 0.2 per cent to $1,784.04 per ounce by 0138 GMT, the U.S. gold futures dropped 0.2 per cent to $1,785.30.

As per the report, the reduced stimulus and interest rate hikes tend to push government bond yields up, raising the opportunity cost of gold, which pays no interest.

Meanwhile, spot silver fell 0.2 per cent to $23.46 per ounce. Platinum was little changed at $1,037.49, while palladium gained 0.4 per cent to $2,019.81

Gold and Silver prices in Indian cities: