Yellow metal prices held firmly on the MCX on Wednesday even though they fell in the international markets. On the MCX, gold August futures were trading at Rs 47,756 per 10 grams, as against the previous close of Rs 47,684 per 10 grams.
Silver prices were also slightly up as September futures stood at Rs 69,541 per kg. In the previous session, MCX silver had slid below the Rs 70,000 mark to end at Rs 69,512 per kg.
At the international level, gold prices slid on Wednesday after hitting a three-week high in the previous session. Minutes of the US Federal Reserve's June meeting are expected to be released this week, in whose anticipation, yellow metal prices global markets fell slightly today.
"COMEX gold trades modestly higher near $1800 per ounce after a 0.6 per cent gain in previous session. Gold is supported by inflation concerns, rising virus cases, mixed economic data from major economies and uncertainty caused by China's crackdown on tech firms. However, weighing on price is weaker investor interest and Fed's monetary tightening expectations. Gold may remain range bound ahead of FOMC minutes however prospect of Fed's hawkish stance may keep pressure on prices," said Ravindra Rao, Vice President-Head of Commodity Research at Kotak Securities.