Gold and Silver Prices Rise Ahead of US Federal Reserve Decision
Gold and silver prices rose ahead of the US Federal Reserve's policy decision on Wednesday. The yellow metal for October delivery traded at ₹1,51,598 around 10:45 am, up by ₹789 or 0.52%. It touched an intraday high of ₹1,52,100, a gain of nearly 1%.
Silver prices outperformed gold, climbing as much as ₹3,870 or 1.66% to an intraday high of ₹2,35,988. The white metal later traded at ₹2,35,079, higher by ₹2,961 or 1.28%. Analysts said the Fed's decision on interest rates will drive the bullion market.
Lower crude oil prices and easing US bond yields supported bullion demand. Traders expect the Federal Reserve to increase interest rates by 25 basis points. Unresolved US-Iran tensions and reports of a Houthi drone intercepted by Saudi Arabia also strengthened safe-haven demand.