Gold prices eased on Wednesday as investors remained cautious ahead of the US Federal Reserve’s monetary policy decision. According to market data, 24-carat gold was trading near ₹1.52 lakh per 10 grams across major cities, while 22-carat gold hovered around ₹1.40 lakh per 10 grams. Silver prices also remained under pressure, falling by about ₹100 per kg to trade at ₹2,64,900 per kg, marking a second consecutive day of losses.
In major cities such as Delhi, Mumbai, Chennai and Kolkata, gold prices remained largely stable within the ₹1.51 lakh-₹1.53 lakh range. Jewellers said retail demand has moderated after prices surged to record levels earlier this month, prompting many buyers to postpone purchases in anticipation of a correction.
The decline comes after a strong rally in precious metals over recent months, driven by geopolitical uncertainties, expectations of lower interest rates and steady purchases by central banks. However, investors have turned cautious ahead of the Fed’s policy statement, which is expected to provide direction to global commodity markets.
Silver, which has witnessed sharp swings in recent weeks, also faced selling pressure. Despite the latest decline, experts believe the metal’s long-term outlook remains positive due to robust industrial demand from sectors such as renewable energy, electronics and electric vehicles.
On Tuesday, gold was priced at ₹1,51,360 per 10 grams, while silver stood at ₹2,64,900 per kg. The recovery was driven by cautious buying ahead of the US Federal Reserve’s policy announcement. However, traders largely remained on the sidelines, awaiting fresh cues on the interest-rate outlook.
Market analysts noted that gold continues to enjoy strong support from safe-haven demand amid global economic uncertainties. However, near-term price movements are likely to depend on the Fed’s commentary regarding future interest-rate cuts.
With global markets awaiting the Fed’s decision, traders expect both gold and silver to remain range-bound in the near term. Any major signal on interest rates could trigger fresh movement in bullion prices over the coming sessions.