Gold and Silver Prices Surge Ahead of US Fed Policy Decision

Gold and silver prices rose up to 1% on Wednesday ahead of the US Federal Reserve's policy decision, according to market data. The increase in bullion prices was partly driven by softer crude oil prices, which eased pressure on the US dollar and Treasury yields.

At around 10:45 am, gold futures (October) were trading at Rs 1,51,598, an increase of 0.52% or Rs 789 from the previous session. The yellow metal recorded an intraday high of Rs 1,52,100 so far, jumping nearly 1% or Rs 1,291.

Silver futures (December) surged as much as 1.66% or Rs 3,870 to hit an intraday high of Rs 2,35,988. At the last count, the white metal was trading at Rs 2,35,079, up Rs 2,961 or 1.28% from the previous session.

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 1,50,700-1,50,000 support zone. Immediate resistance for gold is seen at Rs 1,54,000-1,54,700, with a break above that zone potentially opening the way towards Rs 1,56,300-1,57,000.