Gold prices moved higher by Rs 50 to Rs 28,728 per ten grams in futures trade Wednesday as market participants enlarged their positions in tandem with a firmimg trend overseas. At the Multi Commodity Exchange (MCX), gold for delivery in February traded up by Rs 50 to Rs 28,728 per ten grams. However, silver for delivery in March gained by Rs 366 to Rs 45,100 per Kg. Gold price in overseas markets, which normally set price trend on the domestic front, moved up by nearly 0.5 percent ahead of a policy decision from the Federal Reserve on its bond-buying program. The Fed will issue a statement at the end of its two-day policy meeting later today at 1900 GMT. Spot gold last traded up USD 3.60 or 0.29 percent at USD 1,235.70 an ounce after moving in range of USD 1,228.40-1,238.50. In New York, gold for February delivery dropped by USD 14.30 or 1.2 percent to USD 1,230.10 an ounce on the Comex division of the NYMEX yesterday. Meanwhile, gold prices fell further by Rs 280 to Rs 30,400 per ten grams on sustained selling, while silver surged by Rs 1,080 to Rs 45,080 per kg on increased offtake by industrial units.

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