Gold-Silver Price Today: Gold and silver shine before US Fed’s decision, prices reach near record level

Amid strong signals from global markets, an upward trend was seen in the prices of gold and silver on the international market (COMEX) on Wednesday (June 17). While on one hand investors are waiting for the upcoming policy decision of the US Federal Reserve, on the other hand there is a continuous demand for gold and silver as a safe investment amidst geopolitical uncertainties. Due to this boom in the commodity market, there has been increased activity in the domestic bullion market as well. Gold rose on Comex, there was a strong rise in silver also. In the global market on Wednesday, the future price of gold rose by 0.13 percent to reach $ 4,360.20 an ounce. It also touched a high of $4,369.80 an ounce during intraday trading. The effect of this strength of gold was clearly seen on silver also. Silver prices were up 0.46 percent at $ 70.335 an ounce. Due to continuous buying of precious metals, investor sentiment in the bullion market seems quite strong. According to market experts, traders are currently keeping a close eye on the developments related to a temporary agreement between America and Iran and the ceasefire framework. Although there has been a slight reduction in the immediate demand for safe-haven due to some easing of tensions, major uncertainties still remain, which is providing continuous support to the prices. Along with this, everyone’s attention is on the results of the monetary policy of the Federal Reserve. It is believed that in view of the threat of inflation, the Central Bank will not make any changes in the interest rates at present and can keep them stable for a long time. A big uptrend has been created due to continuous buying by central banks. A latest survey of the World Gold Council (WGC) has further boosted the prices of gold. According to the survey, almost half of global reserve managers around the world are planning to increase their gold holdings in the next 12 months, making it an excellent strategic hedge. Talking about this market sentiment, Colin Shah, Managing Director of Cama Jewellery, said that the continuous purchases by global central banks show that gold is still the most reliable option to protect against inflation. He said the recent fluctuations should be considered a market consolidation and not the beginning of a price decline. Apart from this, from the point of view of the Indian market, the weakness of the rupee against the dollar also remains the main means of increasing the domestic demand for gold. Investors are now waiting for US retail sales data to decide further direction.