Gold, silver rates today: Comex gold and silver remain steady ahead of US Fed policy decision

Precious metals traded largely steady on Wednesday, 17 June, as traders refrained from making aggressive bets ahead of the US Federal Reserve's interest-rate decision.

Investors were also closely monitoring developments in the Middle East, where the US and Iran are preparing to sign an interim peace agreement that could ease global inflationary pressures stemming from the conflict.

After remaining largely unchanged in the previous session following a strong two-day rally, Comex gold futures edged up $9.3 per troy ounce to touch an intraday high of $4,369. Silver futures also gained $0.43 per ounce, holding above the $70 mark.

The US Federal Reserve is set to announce its policy decision under new chairman Kevin Warsh later in the day as investors look for clues on how he may approach inflation risks. Policymakers are widely expected to keep the federal funds rate unchanged in the 3.50%-3.75% range at the conclusion of the meeting.

The Fed meeting comes at a time when inflation remains elevated following a recent surge in energy prices caused by tensions in the Middle East, which kept crude oil prices higher for an extended period.

While traders have pared back their most aggressive expectations for rate hikes, markets are still pricing in a full quarter-percentage-point increase by the end of the first quarter of 2027.

Last week, the European Central Bank became the first major central bank to raise interest rates in response to inflationary pressures driven by the conflict in Iran.

On the geopolitical front, the US and Iran are reportedly preparing to formally sign a memorandum of understanding on 19 June in Switzerland, according to Bloomberg. The proposed agreement would extend the US-Iran ceasefire for 60 days and establish a framework for future negotiations on Tehran's nuclear programme and other key issues.

However, uncertainty remains after US President Trump said the memorandum of understanding with Iran was not yet final and warned that military action could resume if negotiations fail.

Although gold and silver prices have recovered in recent sessions, they still remain significantly below their pre-war levels. Gold is down 17.5% from its pre-conflict peak, while silver continues to trade nearly 27% lower.

Initially, both metals rallied following the outbreak of the conflict in late February. However, they subsequently reversed course and remained under pressure as inflation concerns intensified amid a sharp rise in crude oil prices.

MCX gold and silver continue upward move

In the domestic market, the gold futures contract on MCX gained modestly by ₹511 per 10 grams to ₹1,53,602. The silver futures contract on MCX also rose by ₹1,393 per kilogram to ₹2,51,498.

Last week, silver slipped to its lowest level since early April, but buying interest emerged in the subsequent sessions amid easing tensions in the Middle East, taking the metal's cumulative gain to ₹10,452 over the last four trading sessions.

Meanwhile, gold has also rallied by ₹4,159 over the past four sessions.

Disclaimer: We advise investors to check with certified experts before making any investment decisions.