Image for representational purposes only. , Photo courtesy: Reuters
Gold prices in the national capital rose by ₹2,600 to ₹1,24,400 per 10 gram on Wednesday (October 29, 2025), snapping a two-session losing streak amid a fresh wave of safe-haven buying ahead of the policy outcome by the US Federal Reserve.
According to the All India Bullion Association, the price of gold of 99.5% purity rose by ₹2,600 to ₹1,23,800 per 10 grams (including all taxes) from the previous closing price of ₹1,21,200 per 10 grams.
The precious metal of 99.9% purity had closed at ₹1,21,800 per 10 grams on Tuesday (October 28, 2025).
“Gold prices gained momentum on Wednesday and reclaimed the psychological level of $4,000 an ounce ahead of the much-awaited FOMC (Federal Open Market Committee) policy meeting results,” said Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities.
Silver also saw a sharp rise, with prices rising from ₹6,700 to ₹1,51,700 per kg (including all taxes). According to the association, the white metal had closed at ₹1,45,000 per kg on Tuesday.
Mr Gandhi said there is a renewed demand for bargain-basement and safe-haven assets following rising geopolitical concerns in the Middle East region.
In international markets, spot gold rose $77.26, or 1.95%, to $4,029.53 an ounce, ending a three-day losing streak.
“Spot gold is currently trading around $4,020 an ounce as the metal tries to recover from Tuesday’s low of $3,886 ahead of the FOMC monetary policy decision scheduled for tonight.
“The Fed is widely expected to cut rates by 25 basis points as it turns its attention to the weak job market,” said Praveen Singh, head of commodities and currencies at Mirae Asset Sharekhan.
He said the metal is still not out of the woods, although the Fed rate cut will limit the downside.
Meanwhile, the dollar index rose 0.15% to 98.82 ahead of the Fed’s results, while analysts said optimism over signs of easing US-China trade tensions could fuel further safe-haven demand.
In foreign markets, spot silver rose by 2.85% to $ 48.40 an ounce.
Persistent geopolitical risks also remain after the US Senate failed again to approve a Republican-backed bill to end the government shutdown.
The White House canceled a planned meeting between US President Donald Trump and Russian President Vladimir Putin after Moscow imposed new sanctions on top oil companies, which could continue to support the precious metal, according to experts.
published – October 29, 2025 06:22 PM IST
