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Gold and silver prices edged lower on Wednesday amid cues of economic revival ahead of the crucial Union Cabinet meeting later in the day. Market insiders expect the Government to make further announcements to stimulate investments and earnings for a variety of sectors.
In Futures, MCX October Gold opened negative and traded at around Rs 38,909 per 10 grams, down by Rs 135 or 0.35 per cent from its Tuesday's close. Silver futures for September opened weak and edged lower at Rs 45,919 per kg down by Rs 51.
Spot gold is likely to move lower after Tuesday's close of Rs 38,536 (as quoted by India Bullion and Jewellers Association (IBJA). The fresh spot rates for Wednesday will be announced later in the day.
Jewellers believe the latest softening of prices will support physical buying ahead of festivities. "Wednesday being an auspicious time of Pushya Nakshatra to buy precious metals, this lower prices will support physical demand. Also, we expect some correction in the prices during Shraddh Paksha next month, when normally auspicious buying doesn't happen," said Manoj Soni, Director, AB Jewels in Ahmedabad.
Comex Gold for September delivery weaken further on Wednesday by $6.7 in early session to trade at USD 1534.7 an oz. Comex Silver for September also hovered nearly flat at $18.14 on Wednesday.
Kedia Advisory gave gold trading range for the day between Rs 38,576-39,318, and for silver the range is estimated at Rs 44,595-46,713.
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