Gold prices on Wednesday (October 29, 2025) rebounded by ₹2,600 to ₹1,24,400 per 10 grams in the national capital, snapping a two-session losing streak, amid a fresh wave of safe-haven buying ahead of the policy outcome by the U.S. Federal Reserve.

Gold of 99.5% purity appreciated by ₹2,600 to ₹1,23,800 per 10 grams (inclusive of all taxes) from the previous close of ₹1,21,200 per 10 grams, according to the All India Sarafa Association.

The precious metal of 99.9% purity had settled at ₹1,21,800 per 10 grams on Tuesday (October 28, 2025).

“Gold prices rebounded on Wednesday, reclaiming the psychological level of $4,000 per ounce ahead of the highly anticipated FOMC (Federal Open Market Committee) policy meeting outcome,” Saumil Gandhi, senior analyst – commodities at HDFC Securities, said.

Silver also witnessed a sharp rebound as prices surged by ₹6,700 to ₹1,51,700 per kilogram (inclusive of all taxes). The white metal had ended at ₹1,45,000 per kg on Tuesday, as per the association.

Mr. Gandhi said bargain buying and a renewed demand for safe-haven assets, following rising geopolitical concerns in the Middle East region.

In the international markets, spot gold climbed by $77.26, or 1.95%, to $4,029.53 per ounce, ending a three-day losing streak.

“Spot gold is currently trading around at $4,020 per ounce as the metal tries to recover from its Tuesday’s low of $3,886 ahead of the FOMC monetary policy decision due tonight.

“The Fed is widely expected to cut rates by 25 basis points as it has turned its focus on the weakening job market,” Praveen Singh, head of commodities and currencies at Mirae Asset Sharekhan, said.

The metal is still not out of the woods, though a Fed rate cut will limit the downside, he added.

Meanwhile, the dollar index rose 0.15% to 98.82 ahead of the Fed outcome, while optimism over signs of easing U.S.-China trade tensions may cap further upside in safe-haven demand, analysts said.

Spot silver rose by 2.85% to $48.40 per ounce in the overseas markets.

Persistent geopolitical risks also remain after the U.S. Senate again failed to clear a Republican-backed bill to end the government shutdown.

The White House cancelled a planned meeting between U.S. President Donald Trump and Russian President Vladimir Putin after fresh sanctions were imposed on Moscow’s top oil companies, which might continue to support the precious metal, according to experts.

Gold prices climbed ₹250 to scale yet another peak of ₹1,13,000 per 10 grams in the national capital on Wednesday (September 10, 2025), buoyed by robust buying by central banks globally, a weak dollar, and lingering geopolitical uncertainties.

So far this year, the precious metal prices have added ₹34,050 or 43.12%, surging from ₹78,950 per 10 grams on December 31, 2024.

According to the All India Sarafa Association, the precious metal had closed at ₹1,12,750 per 10 grams, rallying by ₹5,080 on Tuesday (September 9, 2025).

On Wednesday gold of 99.5% purity also appreciated by ₹250 to hit a lifetime high of ₹1,12,500 per 10 grams (inclusive of all taxes).

“Gold continues to trade near record highs, supported by a weakening U.S. dollar index, which has slipped to a seven-week low, and growing expectations of aggressive rate cuts in the coming months.

“Additional strength has come from retreating U.S. Treasury yields and rising geopolitical tensions in the Middle East region, though much of this appears to be already priced in,” said Chintan Mehta, CEO at Abans Financial Services.

Meanwhile, silver prices retreated from record levels, declining by ₹300 to ₹1,28,500 per kg (inclusive of all taxes) on Wednesday. In the previous session, the white metal had settled at ₹1,28,800 per kg, as per the Association.

In overseas markets, spot gold was trading 0.85% higher at $3,657.09 per ounce. The yellow metal had surged to hit a fresh peak of $3,674.75 per ounce on Tuesday.

“The U.S. Federal Reserve policy outlook, central bank accumulation globally, geopolitical tensions, ETFs and institutional flows remain the key drivers behind the rally for the precious metal,” N.S. Ramaswamy, head of commodity desk and CRM at Ventura, said.

Mr. Ramaswamy further said: “Gold is turning out to be the main course, serving hot, in one’s portfolio.

New fresh highs are in the face of a fresh political crisis in France, Japan and the U.S. sanctions against Russia, he added.

Also, interest rate cuts bets have intensified after a weaker-than-expected U.S. jobs report on Friday (September 5, 2025).

Spot silver rose 0.88% to $41.23 per ounce.

Market participants will closely monitor U.S. macroeconomic data including the Producer Price Index to be release later in the day and Consumer Price Index on Thursday (September 11, 2025), which may have a bearing on the Fed rate cut decisions and sentiment for the bullion prices in the near-term, Mr. Ramaswamy added.

Gold prices retreated from record highs by plunging ₹1,000 to ₹1,06,070 per 10 grams in the national capital on Thursday (September 4, 2025), as traders booked profits in tandem with a weak trend in global markets.

The precious metal of 99.9% purity had settled at ₹1,07,070 per 10 grams, its all-time high level on Wednesday (September 3, 2025).

Gold of 99.5% purity also witnessed a pullback, depreciating ₹1,000 to ₹1,05,200 per 10 grams (inclusive of all taxes). It had closed at ₹1,06,200 per 10 grams in the previous market session, according to the All India Sarafa Association.

Silver too slipped from its record levels as investors booked profits at higher levels. The white metal fell ₹500 to ₹1,25,600 per kilogram (inclusive of all taxes). In the previous session, it had ended at its lifetime high of ₹1,26,100 per kg.

In the overseas market, spot gold prices also corrected after scaling historic highs. The precious metal dropped $39.61, or 1.10%, to $3,539.14 per ounce. It had touched an all-time high of $3,578.80 per ounce in New York the previous day.

Despite Thursday’s decline, commodities market experts noted that bullion prices continue to trade at elevated levels amid geopolitical tensions, expectations of interest rate cuts by the US Federal Reserve, and festive demand prospects in India.

“Gold and silver continued to be supported by these additional uncertainties, which also included anxieties about debt and the independence of the Federal Reserve,” Renisha Chainani, Head – Research at Augmont, said.