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Gold and silver prices inched higher in Wednesday’s trade ahead of US Federal Reserve policy meeting. Besides, a sharp rise in coronavirus cases also pushed investors to seek safe-haven assets. On MCX, gold August futures were trading Rs 71 or 0.15 per cent higher at Rs 46,665 per 10 grams. While silver July futures were ruling at Rs 48,271 per kg, up Rs 172 or 0.36 per cent. Investors await US Fed policy statement on the state of the economy and clues on future measures. The reopening of the economies across the world in a phased manner has put some pressure on the yellow metal. In May, gold prices hit a record high of Rs 47,929 per 10 grams. “Strong rally in the equity market has taken the shine off gold but on hindsight, gold has also not been subjected to the selling pressure as seen in US Dollar though both are regarded as safe-haven.”