Gold and Silver Trade Mixed as Markets Await Fed Decisions

Mumbai, July 29: Gold and silver began trading on a mixed note on Wednesday, with both precious metals operating within a limited range.

On the Multi Commodity Exchange (MCX), the gold contract for August 5, 2026, opened flat at ₹141,519 per 10 grams, compared to the previous closing of ₹141,623 per 10 grams. Currently, it is trading at ₹141,395 per 10 grams, reflecting a slight decline of ₹228 or 0.16%.

During the trading session, gold reached a low of ₹141,311 per 10 grams and a high of ₹141,591 per 10 grams.

In contrast, the silver contract for September 4, 2026, opened flat at ₹216,834 per kilogram, compared to ₹215,840 per kilogram. It is currently trading at ₹216,448 per kilogram, showing an increase of ₹608 or 0.28%.

Silver has seen a low of ₹216,369 per kilogram and a high of ₹216,943 per kilogram during the session.

Internationally, gold and silver are also experiencing mixed trading. On COMEX, gold is down by 0.41% at $4,022 per ounce, while silver is up by 0.18% at $57 per ounce.

Experts suggest that the limited range for gold and silver is due to the upcoming Federal Reserve meeting, with decisions expected to be announced later today. The direction for both metals will likely be determined after this announcement.

They further noted that no changes in interest rates are anticipated during this meeting, but comments regarding future interest rate trends from the Fed will be crucial.

Additionally, the Indian stock market opened positively, with both the Sensex and Nifty indices seeing an increase of nearly 1%. This surge was attributed to buying in IT stocks, with the Nifty IT index strengthening by approximately 1.5% in early trading.