Bullion recovered some losses in Wednesday's early trade on softness in the dollar index (DXY) as Moody’s cut credit ratings of several small and mid-sized US banks. The three-day Monetary Policy Committee (MPC) is underway and ends tomorrow.The October gold futures were trading with gains at Rs 59,309 per 10 grams on the MCX, up Rs 61 or 0.10%. Meanwhile, September Silver futures were trading at Rs 70,400 per kg, higher by Rs 184 or 0.26%. MCX gold futures ended down 0.28% on Tuesday, while silver futures fell by 1.50% or Rs 1,068. Gold trading below its 200-day EMA indicates a bearish trend.

Source: Economic Times August 09, 2023 04:50 UTC