Gold and Silver Prices Rise Ahead of Fed Decision

Gold and silver prices rose on Wednesday as investors awaited the Federal Reserve's policy decision. The US central bank is widely expected to raise interest rates by 25 basis points, which has supported gold buying. Crude oil prices also eased, reducing pressure on the US dollar and Treasury yields.

In India, gold futures gained 0.52 percent, while silver futures surged as much as 1.66 percent. At around 10:45 am, gold futures were trading at Rs 151,598, an increase of Rs 789. Silver futures hit an intraday high of Rs 235,988, up Rs 3,870.

Analysts said MCX gold opened with a mild gap-up but remained capped by its 50-day exponential moving average. The contract recovered from the Rs 150,700-1,50,000 support zone. Immediate resistance for gold is seen at Rs 154,000-1,54,700.

In the international market, US gold futures for December delivery rose about 1 percent to $4,380 per ounce. Geopolitical tensions also remained a key factor for bullion prices as the US-Iran conflict remains unresolved.