Gold Prices Stable in Delhi, Silver Sees Modest Recovery Amid Fed Uncertainty
Gold prices in Delhi remained steady at Rs 1.47 lakh per 10 grams on Wednesday, while silver made a modest recovery of Rs 500 to Rs 2.25 lakh per kg amid firm trends in international markets.
The All India Sarafa Association reported that gold of 99.9 per cent purity remained unchanged at Rs 1,47,000 per 10 grams. In contrast, silver rebounded by Rs 500 to Rs 2,25,300 per kilogram, inclusive of all taxes, from Tuesday's closing level of Rs 2,24,800.
Traders attributed gold's flat performance to its range-bound behavior in both domestic and international markets. A stronger Indian rupee also added pressure on domestic precious metal prices, according to Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities.
In the overseas markets, spot gold traded flat at USD 4,031.73 per ounce and silver edged up nearly 1 per cent to USD 57.54 per ounce. Analysts noted that investors were cautiously awaiting the Federal Reserve's policy decision later in the day.