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 percent higher at 27,866 rupees, easing from the previous session's high of 28,084 rupees.
"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 US Federal Open Market Committee, which sets interest rate in the country, will be known later in the day. Global gold has risen about 9 percent so far this year on a near-zero US 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 percent lower at 58,295 rupees per kg.
News bureau,
The most-active gold for April delivery on the Multi Commodity Exchange (MCX) was 0.38 percent higher at 27,866 rupees, easing from the previous session's high of 28,084 rupees.
"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 US Federal Open Market Committee, which sets interest rate in the country, will be known later in the day. Global gold has risen about 9 percent so far this year on a near-zero US 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 percent lower at 58,295 rupees per kg.
News bureau,
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