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highly accommodative monetary policy is gold-bullish, Howard Wen, an analyst at HSBC Securities (USA) Inc., wrote in a note and was quoted by the Bloomberg as saying.The so-called overall trajectory for gold and silver appears higher Wen added. Meanwhile, in the futures, Comex gold for delivery on Apr 13 was seen trading at $1680.75 a loss of $0.85 or 0.05%. Silver futures contract for delivery on March 13 was spotted trading at $32.085 an ounce, a loss of $0.092 or 0.29% as of 10.16 AM IST.
MTECHTIPS:-MCX Gold, MCX Silver: All eyes trained on the evening job data
On the MCX as well as COMEX, gold futures traded on flat to positive note in the early morning session trade even as silver futures on the MCX opened on a negative note. The FOMC meet that took place on Tuesday-Wednesday decided to stick on with asset purchase programs which influenced the prices of bullion.To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee will continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month, the US Federal Reserve's Open Market Committee said in a statement.The gold futures recovered well from lower levels in yesterday's session after weak US GDP data announcement and closed with 0.30% gain.