In a clear preemptive move, gold and silver prices surged on India’s MCX on Tuesday morning, ahead of the critical US Federal Reserve’s interest rate deliberations. The precious metals gained up to 1.31%, drawing investor focus amid escalating global uncertainties.
Gold for April 2026 delivery advanced 1,061 rupees—or 0.68%—to 156,797 rupees per 10 grams as of 9:41 AM. The session’s trading range spanned from 156,649 rupees at the bottom to 156,996 rupees at the top, showcasing controlled volatility with a bullish tilt.
Silver stole the spotlight, climbing 3,353 rupees or 1.31% to 259,885 rupees in the May 2026 contract. It oscillated between 258,338 rupees and a high of 261,457 rupees, signaling robust demand.
This uptick coincides with the Fed’s two-day meeting starting March 17, results expected March 18. Ongoing wars and a more-than-50% spike in crude oil over the last month have amplified inflation concerns, making this gathering pivotal.
Precious metals have thrived lately on rate-cut hopes, enhancing their allure as hedges. A decision to maintain rates or flag oil-driven inflation could reverse fortunes, prompting wariness among traders.
Broader market dynamics, including safe-haven buying amid Middle East flare-ups, are at play. Analysts suggest the Fed’s tone will dictate the next leg for gold and silver—potential for more gains if dovish, or pullback if hawkish. Investors are on high alert.