Mumbai: Gold prices moved slightly higher on Wednesday as global markets waited for the US Federal Reserve’s interest rate decision, while silver continued its strong rally and touched new record levels.
According to market updates, spot gold rose modestly as investors stayed cautious ahead of the Fed’s policy announcement. Traders say any signal of future rate cuts could support gold further in the coming weeks.
Silver, however, remained the standout performer. The metal crossed the 60 dollars per ounce mark for the first time and continued to trade near its historic highs. Analysts point to tight global supplies and strong industrial demand, especially from the solar, electric vehicle and technology sectors, as key reasons for silver’s sharp rise.
In India, the impact is clearly visible in local markets. Silver prices on the domestic exchange recently climbed close to one lakh ninety thousand rupees per kilogram, marking their highest level so far. Gold also remained firm, trading above one lakh thirty thousand rupees for ten grams in major cities.
Market experts say silver’s growing use in renewable energy and high-tech manufacturing is giving it long-term strength, while gold continues to attract buyers looking for stability during global economic uncertainty.
Both metals are expected to remain in focus as investors wait for the Fed’s decision and watch for signals on interest rates and global growth trends.