Gold, Silver Spike as Fed Decision Looms

Gold and silver prices surged on Wednesday ahead of the US Federal Reserve's policy decision. Gold futures for October traded at Rs 1,51,598, a 0.52% increase or Rs 789 from the previous day. The yellow metal reached an intraday high of Rs 1,52,100, jumping nearly 1% or Rs 1,291.

In contrast, gold futures touched an intraday low of Rs 1,51,450, still a rise of about half a percent. Meanwhile, silver futures for December surged as much as 1.66% or Rs 3,870 to hit an intraday high of Rs 2,35,988.

The buying in gold was supported by softer crude oil prices and lower US bond yields. This eased pressure on the US dollar and Treasury yields. The Federal Reserve is widely expected to raise interest rates by 25 basis points, as per experts.