Spot gold rose 0.9% to $3,392.90 an ounce by 0416 GMT, while US gold futures edged up 0.2% to $3,399.80. The Fed held interest rates steady on Wednesday but warned of increasing risks to inflation and employment, reinforcing expectations that rate cuts could still be on the table if growth falters.
”The focus in the yellow market was on the statements from the Fed, as they left rates unchanged but flagged risk of higher inflation and unemployment,” said Reliance Securities’ senior commodity analyst Jigar Trivedi.
President Donald Trump’s hawkish stance ahead of trade talks—refusing to offer tariff concessions—further supported demand for the non-yielding metal.
Gold rates in India
In India, 24-carat gold prices rose ₹60 per gram to ₹9,960 on Thursday, tracking gains in global markets. The price of 10 grams stood at ₹99,600, up ₹600 from the previous day.
Tensions also remained high in South Asia after India conducted air strikes on terror camps in Pakistan and Pakistan-occupied Kashmir on Wednesday. Pakistan claimed it had retaliated and shot down five Indian aircraft.
“If the situation escalates further, we could see gold testing fresh highs,” said Brian Lan, managing director at GoldSilver Central in Singapore. Bullion touched a record high of $3,500.05 on April 22.
Other precious metals also saw movement: spot silver rose 1.2% to $32.85 an ounce, platinum gained 0.9% to $982.81, while palladium slipped 0.3% to $969.93.
Investors now await updates on US trade diplomacy, developments in South Asia, and further economic signals from the Fed in the coming weeks.
(With inputs from Reuters)
