NEW DELHI: Precious metals gold and silver were trading in the red in morning trade on Wednesday.
MCX Gold futures were trading 0.08 per cent, or Rs 24 lower at Rs 29,629 per 10 grams at 10:47 am (IST), while MCX Silver futures were down 0.28 per cent, or Rs 106, at Rs 38,215 per 1 kg at the same time.
SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings stood at 800.20 tonnes, unchanged from the previous business day.
Holdings of the largest silver-backed exchange-traded-fund(ETF), New York's iShares Silver Trust SLV, stood at 10246.51 tonnes, unchanged from the previous business day.
"We expect prices to trade rangebound for the day, as investors waited for the outcome of the US Federal Reserve's monetary policy meeting for an outlook on interest rates," said Nirmal Bang Securities in its daily commodity report.
On the global front, gold prices were steady in the early trade after slipping to a near two-week low in the previous session.
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