Gold and Silver Prices Soar Ahead of Fed Decision

Gold and silver prices rose sharply in India on Wednesday, ahead of the US Federal Reserve's policy decision. Gold futures for October delivery were trading at ₹151,598, an increase of 0.52% or ₹789 from the previous day. This represents a nearly 1% jump from its intraday low of ₹151,450.

The yellow metal reached an intraday high of ₹152,100, while silver futures for December delivery surged as much as 1.66% or ₹3,870 to hit an intraday high of ₹235,988. Silver was trading at ₹235,079, up ₹2,961 or 1.28% from the previous day.

The price increase in gold and silver is attributed to softer crude oil prices and lower US bond yields. Analysts expect the Federal Reserve to raise interest rates by 25 basis points. Geopolitical tensions also remained a key factor for bullion prices, with ongoing conflicts between the US and Iran contributing to market uncertainty.