Indian Gold and Silver Prices Hold Narrow Band Before Fed Verdict

Mumbai, July 29 – Gold and silver futures began Wednesday’s session within a confined trading corridor as investors awaited the Federal Reserve’s upcoming policy announcement. MCX’s August 5, 2026 gold contract opened close to its previous settlement of ₹1,41,623 per 10 grams, trading at ₹1,41,519. The contract slipped by ₹228 (0.16%) and later measured around ₹1,41,395. The day’s price swing ranged from a low of ₹1,41,311 to a high of ₹1,41,591.

Silver’s September 4, 2026 contract opened flat at ₹2,16,834 per kilogram against the prior close of ₹2,15,840. It edged up by ₹608, about 0.28%, and hovered near ₹2,16,448. Its intra‑day extremes were a low of ₹2,16,369 and a high of ₹2,16,943.

Overseas, COMEX data showed gold down 0.41% to $4,022 per ounce, while silver posted a modest gain of 0.18% to $57 per ounce.

Experts point to the Federal Reserve’s meeting as the primary factor keeping the metals in a tight range. No immediate interest‑rate cut is expected, but the Fed’s forward guidance will likely shape the next moves for both gold and silver.

On the equity front, India’s major indices opened higher, with the Sensex and Nifty each climbing close to 1%. The rally was led by strong demand for IT stocks, as the Nifty IT index rose about 1.5% in the opening minutes.