Gold and Silver Rise Ahead of US Fed Policy Decision

Gold and silver prices rose on Wednesday in anticipation of the US Federal Reserve's policy decision. The yellow metal, specifically gold futures for October delivery on the MCX, increased by 0.52% to Rs 1,51,598. It reached an intraday high of Rs 1,52,100, a nearly 1% jump from its opening price.

The surge in gold prices is attributed to softer crude oil prices and lower US bond yields, which eased pressure on the US dollar and Treasury yields. The Federal Reserve is expected to raise interest rates by 25 basis points.

Silver futures for December delivery also surged, reaching an intraday high of Rs 2,35,988, a 1.66% increase from its opening price. At last count, silver was trading at Rs 2,35,079, up 1.28%. The white metal's immediate resistance is seen at Rs 2,39,000-2,40,000.

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 Rs 1,50,700-1,50,000 support zone. Support is placed at Rs 1,48,000-1,47,300.