Gold, Silver Soar as Fed Decision Looms
Gold and silver prices surged on Wednesday as softer crude oil prices and easing US bond yields supported bullion demand ahead of the US Federal Reserve policy decision.
Gold for October delivery traded at ₹1,51,598 around 10.45 am, rising ₹789, or 0.52%. The yellow metal touched an intraday high of ₹1,52,100, gaining ₹1,291, or nearly 1%.
Silver for December delivery climbed as much as ₹3,870, or 1.66%, to an intraday high of ₹2,35,988. The white metal later traded at ₹2,35,079, higher by ₹2,961, or 1.28%.
Investors expect the Federal Reserve to increase interest rates by 25 basis points. The Fed's commentary on inflation, economic growth, and future rate moves will be closely monitored, as any unexpected guidance could trigger sharp swings across domestic and international gold and silver markets during coming sessions worldwide.