Physical gold traders in India, the world's biggest
buyer of bullion, stayed on the sidelines on Tuesday, despite a decline in the
prices from the one-week high hit in the previous session.
* The most-active gold for April
delivery on the Multi Commodity Exchange (MCX) was 0.38% higher at Rs 27,866,
easing from the previous session's high of Rs 28,084.
* "Market is waiting for
correction and direction. There were a few stray deals but people don't want to
go aggressive before the FOMC and the budget," said Pinakin Vyas,
assistant vice-president with IndusInd Bank .
* The outcome of the meeting of
the U.S. Federal Open Market Committee, which sets interest rate in the
country, will be known later in the day. Global gold has risen about 9% so far this year on
a near-zero U.S. rate outlook.
* The rupee, which hit its highest
level in a week, plays an important role in determining the landed cost of the
dollar-quoted yellow metal.
* Silver also moved down, in tandem with the
yellow metal. Silver for May delivery on the MCX last traded 0.17% lower at Rs
58,295 per kg.
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