Silver also declined by Rs 169 to Rs 62,787 per kg from Rs 62,956 per kg in the previous trade.
The rupee appreciated 8 paise to settle at 76.40 (provisional) against the US dollar on Wednesday following the RBI’s surprise rate hike ahead of the US Federal Reserve’s policy decision.
The precious metal traded lower in Asia in morning trade due to a strong dollar and ahead of the policy decision by the US Federal Reserve.
Gold prices traded steady in the US with spot gold prices at COMEX trading marginally up at USD 1,869 per ounce on Wednesday. Silver was flat at USD 22.61 per ounce.
“Gold prices held steady as US treasury yields rose and the upcoming policy decision from the US Federal Reserve lowered demand for gold,” said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.