Gold rate today: Gold pricesdeclined on Wednesday amid growing optimism about potential trade discussions between the United States and China, which reduced demand for safe-haven assets. Investors are awaiting the U.S.Federal Reserve’s policy announcement later today.At 10:01 am, MCX June gold futures were trading at Rs 96,927 per 10 grams, showing a decrease of Rs 564 from the previous close. June silver futures experienced a minor decline, trading at Rs 96,690 per kg, down by Rs 11.In international markets, Spot gold decreased by 1.2% to $3,388.67 an ounce at 0225 GMT, following a nearly 3% increase in the previous session, according to an ET report.U.S. Treasury Secretary Scott Bessent and trade negotiator Jamieson Greer are scheduled to meet Chinese Vice Premier He Lifeng to discuss possible solutions, sparking hopes for reduced trade tensions. Both countries had implemented reciprocal tariffs last month, raising worries about global economic deceleration.On Tuesday, U.S. President Donald Trump announced that he and senior administration officials would evaluate potential trade agreements over the next fortnight to determine which ones to pursue.Also Read | India has the world’s 7th highest gold reserves! Why is RBI buying gold and how does it help the Indian economy?Investors are now focused on the Federal Open Market Committee (FOMC) meeting scheduled for later today, where the U.S. central bank is predicted to maintain current interest rates.Market participants anticipate rate reductions of 80 basis points in the current year, commencing in July.Investors await Federal Reserve Chair Jerome Powell’s commentary for insights regarding potential timing of future interest rate adjustments.“Gold prices dipped below $3,380/oz following reports of upcoming U.S.-China trade talks, which eased safe-haven demand. The U.S. dollar index also firmed above 99.5, ahead of the Federal Reserve’s policy announcement, limiting gold upside. Investors are watching Fed Chair Powell’s statement closely for rate clues amid political pressure to loosen monetary policy, which may shape gold’s near-term trend,” said Rahul Kalantri, VP Commodities, Mehta Equities.The precious metal performs well during periods of low interest rates and is traditionally regarded as protection against economic and political uncertainty.Also Read | After gold prices hitting Rs 1 lakh, is it time for silver to rally?In the metals market, silver decreased 0.9% to $32.93 per ounce, whilst platinum declined 0.6% to $979.07 and palladium reduced 0.4% to $970.28.“Gold has support at $3335-3310 while resistance at $3400-3422. Silver has support at $32.65-32.40 while resistance is at $33.30-33.55. In INR gold has support at Rs 96,650-95,980 while resistance at Rs 97,950-98,390. Sliver has support at Rs 95,580-94,750 while resistance at Rs 97,350-97,950,” said Kalantri.
