Gold and silver prices were trading in red in morning trade on Thursday the US Federal Reserve raised its key interest rate for the fourth time this year, and signalled more, but slower pace of rate hikes next year.
MCX Gold was trading 0.30 per cent down at Rs 31,132 per 10 gram at around 10.50 am (IST), while MCX Silver was down 0.91 per cent at Rs 37,338 per 1 kg at around the same time.
According to SMC Global Securities, gold on MCX may trade with a downside bias in the range of 30,900-31,250 taking negative cues from the international market. Silver on MCX Will possibly witness correction towards 37,200-37,100 levels.
The dollar index, which measures the greenback against a basket of six major currencies, was slightly weaker.
The Fed raised interest rates on Wednesday and noted that “some” rate hikes would be needed next year, a more aggressive stance than many expected.
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