Gold, Silver Climb Up To 1% Ahead Of US Fed Policy Decision

Mumbai: Gold and silver prices advanced sharply 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%.

Its intraday low stood at ₹1,51,450, which still represented an increase of around 0.5%.

Silver Prices Outperform Gold

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%. Its session low of ₹2,34,540 was also ₹2,422, or 1.04%, above the previous close.

Key Support And Resistance Levels

Analysts said gold opened with a mild gap-up but faced pressure near its 50-day exponential moving average. The contract recovered from the ₹1,50,700–₹1,50,000 support zone.

Immediate resistance is placed at ₹1,54,000–₹1,54,700. A decisive break above this range could lift gold towards ₹1,56,300–₹1,57,000. Deeper support is seen at ₹1,48,000–₹1,47,300.

Silver recovered from the ₹2,30,000 level and traded near ₹2,35,000. Resistance is expected at ₹2,39,000–₹2,40,000, followed by ₹2,45,000–₹2,46,000. Support lies at ₹2,34,000–₹2,33,000 and ₹2,30,000–₹2,29,000.

Fed Decision Drives Bullion Market

In international markets, US gold for December delivery rose nearly 1% to $4,380 an ounce.

Lower crude prices reduced pressure on the US dollar and Treasury yields, supporting precious metals. Investors expect the Federal Reserve to increase interest rates by 25 basis points.

Unresolved US-Iran tensions, reports of a Houthi drone intercepted by Saudi Arabia and explosions on Iran’s Qeshm Island also strengthened safe-haven demand.

Traders will closely monitor the Fed’s commentary on inflation, economic growth and future rate moves, as any unexpected guidance could trigger sharp swings across domestic and international gold and silver markets during coming sessions worldwide.