Fed policymakers are considering tweaks to monetary policy that could result in the US central bank sticking with aggressive stimulus measures far longer than under its previous rubric, minutes from their last policy meeting showed.
Gold futures on MCX were down 0.64 per cent or Rs 336 at Rs 52,286 per 10 grams. Silver futures dipped 0.83 per cent or Rs 565 to Rs 67,398 per kg.
Gold prices fell by Rs 640 to Rs 54,269 per 10 gram in the national capital on Wednesday following decline in international prices of the precious metal, according to HDFC Securities. Silver prices also faced selling pressure and declined by Rs 3,112 to Rs 69,450 per kg.
Globally, gold recovered some poise on Thursday after the US Federal Reserve warned that a recovery from the pandemic-induced economic slump faced a highly uncertain path.
Spot gold was up 0.5 per cent at $1,940 per ounce by 0052 GMT, after declining more than 3.5 per cent to a near one-week low on Wednesday. US gold futures fell 1.4 per cent to $1,943 per ounce.
Limiting gold’s advance, the dollar index rose 0.2 per cent after sharp gains in the previous session against its rivals, making gold expensive for holders of other currencies.
Silver rose 0.8 per cent to $26.94 per ounce, platinum climbed 0.3 per cent to $934.01, and palladium gained 0.4 per cent to $2,165.86.