Gold Prices Rise Amid Rate Hike Expectations in US Federal Reserve Decision

Gold and silver prices opened higher on the Multi Commodity Exchange despite growing expectations of a rate hike in the US Federal Reserve's decision due later today. The Fed is expected to raise interest rates by at least 25 basis points, which could further pull gold down if the decision is hawkish. However, any dovish messaging may ease rate-hike bets and help the metal recover.

The dollar remained near recent highs, while oil prices stayed above $100 a barrel. A stronger dollar makes gold more expensive for buyers using other currencies, while higher oil prices can add to inflationary pressures.

According to Manoj Kumar Jain of Prithvi Finmart, gold and silver prices are expected to remain volatile this week amid fluctuations in crude oil prices and the dollar index, as well as ahead of the outcome of the US Federal Reserve and Bank of Japan monetary policy meetings. For today's session, Jain sees gold finding support at $4,310-$4,264 per troy ounce with resistance at $4,355-$4,400.