Gold prices today edged lower in Indian markets amid subdued global cues. On MCX, gold futures were down 0.1% to Rs 46233 after hitting a near 6-month low of ₹45,880 in the previous session on intra-day basis. Silver futures on MCX were flat at Rs 59,657.
Gold had risen 0.65% while silver had declined 0.6%. In global markets, gold was marginally lower at $1,764.94 an ounce despite a selloff in global equity markets. Investors remained cautious ahead of US Federal Reserve’s policy two-day policy meeting starting today.
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Gold is viewed as a hedge against inflation and currency debasement likely resulting from the widespread stimulus. An eventual interest rate hike would also raise the opportunity cost of holding the non-interest bearing asset.
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