Gold Steady in Delhi as Silver Rebounds Amid Fed Policy Uncertainty

Gold prices in Delhi remained steady at Rs 1.47 lakh per 10 grams on Wednesday, but silver made a modest recovery of Rs 500 to Rs 2.25 lakh per kg, according to the All India Sarafa Association.

The yellow metal of 99.9% purity saw no change in price, remaining at Rs 1,47,000 per 10 grams. In contrast, silver rebounded by Rs 500 from Tuesday's closing level of Rs 2,24,800 to Rs 2,25,300 per kilogram.

Traders attributed the stable gold prices to firm trends in international markets, as well as a stronger Indian rupee that added pressure on domestic precious metal prices. Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, noted that gold traded flat in both domestic and international markets on Wednesday.

Spot gold remained range-bound, trading at USD 4,031.73 per ounce, while silver edged up nearly 1% to USD 57.54 per ounce. Kaynat Chainwala, AVP Commodity Research at Kotak Neo (formerly Kotak Securities), observed that spot gold and silver are trading in a narrow range near USD 4,040 and USD 57.5 per ounce.

The direction of bullion will depend on the Federal Reserve's policy decision later in the day, said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities. He emphasized that investors will closely watch Fed Chair Kevin Warsh's press conference for clues on the future path of US monetary policy.