Gold prices continued with their declining trend and fell for the fifth straight day on Wednesday, as MCX gold June futures were trading at Rs 47,095 per 10 gram against the previous close of Rs 47,303.
Market watchers indicated that the precious metal's dipping prices were mainly owing to the ongoing meeting of the US Federal Reserve, which is to end today and its decision could impact the markets in general.
Meanwhile MCX May futures plunged Rs 812 or 1.18 per cent to Rs 68,146 per kg. In the previous session, silver futures ended at Rs 68,958 per kg.
MCX gold too has been volatile since it touched an all-time high of Rs 56,191 per 10 gram in August 2020. From a record high, MCX gold prices are down Rs 9,096 per 10 gram. The dollar has started to gain grounds ahead of the Fed policy. Indian rupee is also trading below 75 zone, putting downward pressure on MCX prices.
Globally, spot gold was down 0.5 per cent at $1,767.76 per ounce. US gold futures were down 0.5 per cent at $1,770.00 per ounce. Benchmark U.S. 10-year Treasury yields rose to their highest since April 15, increasing the opportunity cost of holding non-yielding bullion.