Gold Nears 1% Gain, Silver Surges Ahead Of US Fed Rate Decision

Gold and silver prices traded higher on Wednesday, gaining up to 1% as softer crude oil prices and lower US bond yields supported bullion. Investors also awaited the US Federal Reserve’s monetary policy decision.

At around 10:45 am, October gold futures traded at ₹1,51,598, up ₹789 or 0.52%. The contract touched an intraday high of ₹1,52,100, gaining nearly 1%, while its low stood at ₹1,51,450.

December silver futures climbed as much as 1.66%, or ₹3,870, to an intraday high of ₹2,35,988. The white metal later traded at ₹2,35,079, up ₹2,961 or 1.28%.

Analysts said MCX gold opened slightly higher but remained below its 50-day exponential moving average. The contract recovered from the ₹1,50,700-₹1,50,000 support zone.

Gold faces resistance at ₹1,54,000-₹1,54,700, while a sustained move above this range could bring ₹1,56,300-₹1,57,000 into focus. Support remains at ₹1,50,700-₹1,50,000, followed by ₹1,48,000-₹1,47,300.

MCX silver also opened higher and traded near ₹2,35,000 after recovering from the ₹2,30,000 level.

Analysts placed resistance at ₹2,39,000-₹2,40,000 and ₹2,45,000-₹2,46,000, with support at ₹2,34,000-₹2,33,000 and ₹2,30,000-₹2,29,000.

In international markets, December US gold futures rose around 1% to $4,380 per ounce.

Lower crude oil prices eased pressure on the US dollar and Treasury yields, supporting gold. Markets also largely expect the Federal Reserve to raise interest rates by 25 basis points.

Geopolitical tensions continued to influence bullion prices, with uncertainty surrounding the US-Iran conflict, a reported Houthi drone interception by Saudi Arabia and explosions on Iran’s Qeshm Island adding to market concerns.

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