Gold futures ticked up 0.55% to $4,073.70 per ounce on COMEX, a rise that nudged the metal above the $4,070 mark for the first time since early September. Silver, too, moved higher, gaining 0.99% to $54.20 per ounce, marking the strongest single‑day gain in the current trading week.
The uptick comes after the Federal Reserve announced it would hold its benchmark policy rate steady at 3.9%, citing sustained inflation and a need for more data before any future hikes. Market makers had been pricing in a probable rate increase before year‑end, so the pause has relieved some pressure on bullion.
Geopolitical jitters in West Asia—particularly Houthi attacks on shipping lanes—have kept energy prices volatile, with U.S. crude futures slipping 0.9% to $101.86 after a 3% rally the day before. Higher oil can fuel inflation, which in turn keeps the Fed’s policy stance uncertain, a double‑edged sword for gold.
In India, the rupee weakened 21 paise to 95.28 versus the dollar, making dollar‑denominated gold imports costlier and supporting the domestic price, which rose ₹700 to ₹1.46 lakh per 10 grams. Silver stayed flat at ₹1.98 lakh per kilogram, reflecting the commodity’s sensitivity to currency swings.
Looking ahead, traders eye the Fed’s next meeting in early November for clues on tightening, while inflation data from the U.S. and India will guide expectations. Any sign of a rate hike could dampen bullion, whereas renewed geopolitical uncertainty or easing rates might lift prices again.