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,…
Mumbai witnessed a significant rise in gold and silver prices on Wednesday, as investors turned to precious metals ahead of the Federal Reserve's policy decision. The yellow metal for October delivery surged to ₹1,51,598, marking a 0.52% increase and reaching a high of ₹1,52,100. Silver prices also outperformed gold, climbing 1.66% to an intraday high of ₹2,35,988.
Analysts noted that while gold faced pressure near its 50-day exponential moving average, it recovered from the ₹1,50,700-₹1,50,000 support zone. Resistance levels for gold were identified at ₹1,54,000-₹1,54,700, with a potential break-through leading to gains towards ₹1,56,300-₹1,57,000. For silver, support was seen at ₹2,34,000-₹2,33,000 and ₹2,30,000-₹2,29,000, with resistance at ₹2,39,000-₹2,40,000 and beyond.
The Federal Reserve's decision to increase interest rates by 25 basis points is expected to drive bullion demand, as investors look for safe-haven assets amid unresolved US-Iran tensions and fluctuating crude oil prices.
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