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Gold Steady Above $4,000 as Fed Decision Looms
28 Oct
Summary
- Gold prices remained above $4,000 an ounce as markets awaited the US Federal Bank's interest rate decision.
- Factors like lower oil prices and AI stock enthusiasm buoyed the safe-haven asset.
- Specific gold and silver rates for 18K, 22K, and 24K gold were provided for several Indian cities.
Gold prices maintained a stable position above $4,000 an ounce on Wednesday, October 28th, as global markets awaited the US Federal Bank's interest rate decision. Spot gold saw a slight increase, buoyed by the widespread expectation that the Federal Open Market Committee (FOMC) would hold rates steady.
Several factors contributed to the resilience of gold as a safe-haven asset. These included a decline in oil prices, discussions surrounding the Middle East conflict, increased Chinese household purchases, and a surge of interest in artificial intelligence stocks. Analysts suggest that near-term price consolidation is possible, but a supportive demand backdrop is expected to cushion any significant downturn.
In India, the price of gold and silver varied across major cities on the same day. For instance, in Mumbai, 24-karat gold was priced at ₹144,230 per 10 grams, with 22-karat gold at ₹132,211 and 18-karat gold at ₹108,173. Silver 999 Fine was priced at ₹196,690 per kg. Similar rates were reported in Delhi, Bengaluru, Kolkata, Chennai, Hyderabad, and Ahmedabad, reflecting a national trend.
