Gold Prices Surge Ahead of Fed Decision

Gold and silver prices surged ahead of the US Federal Reserve's policy decision on Wednesday. The yellow metal gained up to 1% as crude oil prices softened and US bond yields declined.

The price of gold futures for October traded at Rs 151,598, a 0.52% increase from the previous day. It reached an intraday high of Rs 152,100, a nearly 1% gain from its opening price.

Silver futures, on the other hand, rose by as much as 1.66% to hit an intraday high of Rs 235,988. The white metal was trading at Rs 235,079, up 1.28% from the previous day.

Analysts noted that MCX gold opened with a mild gap-up but remained capped by its 50-day exponential moving average. The contract recovered from the support zone of Rs 150,700-150,000.