Yellow metal prices on Wednesday rose, as on the Multi Commodity Exchange (MCX), gold August futures traded at Rs 47,091 per 10 gram, Rs 80 more than the previous close of Rs 47,011.
The gain in gold prices was due to positive global cues after the US Federal Reserve head Jerome Powell clearly indicated that interest rates won’t be raised any time soon.
Silver July futures too traded high at Rs 67,819 per kg, Rs 304 more than the previous close of Rs 67,515 per kg.
In the global market, spot gold was up at $1,780.06 per ounce. US gold futures were steady at $1,777.60 per ounce.
US Federal Reserve had on Tuesday emphasised that it will encourage an inclusive job market recovery.