Gold is also alluded as monetary metal since it has been used as a money in the past and is considered a store of value. On Wednesday, India gold prices remained solid, continuing a strong trend in which worldwide spot prices were high.
Gold Futures for August was up 0.35 percent, or around 166 points per to Rs 47,890 per10 gram, on the MCX.
Silver futures on the MCX increased by roughly 0.55 percent to 69,891 per kilogram. Furthermore, today's gold spot price was 47,760, up 38.2 from Tuesday's 47,750.
The price of gold for immediate delivery is known as the spot gold price. The spot price is almost always used as a benchmark for bullion coin transactions.
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The minutes from the Fed's most recent meeting, which are forthcoming at 1800 GMT, are likely to give additional light on interest rate trajectory following the US central bank's hawkish shift last month.
Gold prices are hovering around three-week highs, having broken beyond $1800 in the previous session, despite dollar volatility as the market anticipates the release of minutes from the US Federal Reserve's June policy meeting. The 10-year Treasury note dipped below 1.4, its lowest level in more than four months, bolstering gold prices.
Metal prices in India are decided using worldwide values as a benchmark. Other factors such as the strength of the rupee against the dollar and worldwide demand are also important in determining precious metals rates.