Mumbai, March 17: Gold and silver prices are witnessing a surge ahead of the US Federal Reserve meeting, with both precious metals rising by up to 1.31 percent on Tuesday. As of 9:41 AM on the Multi Commodity Exchange (MCX), gold for the April 2, 2026 contract increased by ₹1,061 or 0.68 percent, reaching ₹1,56,797 per 10 grams.
During the trading session, gold touched a low of ₹1,56,649 and a high of ₹1,56,996, indicating a bullish trend within a limited range. Meanwhile, silver for the May 5, 2026 contract traded at ₹2,59,885, up by ₹3,353 or 1.31 percent. Silver’s trading session saw a low of ₹2,58,338 and a high of ₹2,61,457.
The rise in gold and silver prices comes as investors remain cautious ahead of the US Fed’s two-day meeting starting today, with decisions expected to be announced on March 18. The current geopolitical tensions and rising crude oil prices have made this meeting particularly significant.
In recent months, the increase in gold and silver prices has been largely attributed to cuts in interest rates. If the Fed decides to maintain interest rates or signals inflation due to rising crude oil prices, it could negatively impact gold and silver prices. Investors are staying alert as the meeting unfolds.
The recent conflict involving Iran, the US, and Israel has led to a more than 50 percent surge in crude oil prices over the past month.