Gold, silver rates today: Gold and silver rates today turned green after closing in red on Tuesday, on reduced expectations of the US Fed rate cut in the upcoming US Fed meeting.
Spot gold rate today went up 0.48% to $5,202 per ounce, while spot silver prices rose nearly 0.96% to $88.25 per ounce, during the Asian trading hours on Wednesday.
Both precious metals snapped their four-day winning streak on Tuesday, dropping up to 1.6%.
What’s driving gold and silver prices today?
The US Fed is expected to keep interest rates unchanged “for some time,” as recent economic data points to improving conditions in the US labour market, Susan Collins, President of the Federal Reserve Bank of Boston, was quoted as saying by Bloomberg.
Minutes from the Federal Reserve’s January policy meeting, released earlier this month, indicated that officials were cautious about moving ahead with rate cuts. Elevated borrowing costs typically act as a headwind for precious metals, which do not generate interest income.
According to analysts, persistent uncertainty around US tariffs and escalating tensions in the Middle East are expected to keep safe-haven assets firmly on investors’ radar. Donald Trump warned countries on Monday against stepping back from recently negotiated trade agreements, saying they could face significantly higher duties under alternative trade laws.
In a related development, global logistics major FedEx filed a lawsuit seeking a full refund after the US Supreme Court struck down the former president’s emergency tariffs. The court ruled on Friday that Trump’s use of a 1977 emergency law to impose tariffs exceeded his authority, although Washington later introduced a fresh 10% tariff on goods not covered by exemptions, according to reports.
Meanwhile, Iran and the US are set to hold a third round of nuclear negotiation talks on Thursday in Geneva, Badr Albusaidi, the foreign minister of Oman, said on Sunday.
Gold and silver prices outlook
Brokerage firm Motilal Oswal, in its latest report on precious metals, said that it expects gold to remain well supported over the long term, as reserve diversification, limited supply growth, and ongoing global uncertainty continue to influence investment behaviour.
“The long-term outlook for gold remains positive. As global reserves gradually diversify away from dollar-centric assets and physical supply remains constrained, gold prices are likely to stay supported around and above USD 5,000 per ounce. This cycle is being driven not just by inflation, but by confidence in fiscal and monetary systems,” said Navneet Damani, Head of Research – Commodities, along with Manav Modi, Commodities Analyst at Motilal Oswal Financial Services.
On the technical outlook of gold prices, Ponmudi R, CEO of Enrich Money, believes that the broader uptrend remains intact, with the sideways movement serving as a healthy pause after earlier volatility and profit-booking. Prices continue to hold above key moving averages and are gradually edging higher, signalling strengthening momentum.
“COMEX Gold is trading in the $5,100–$5,300 zone following consolidation in recent sessions. Strong buying interest is visible in the $4,850–$5,000 support band. A sustained breakout above $5,500–$5,600 could open the path toward fresh record highs,” Ponmudi said.
On the silver prices outlook, Ponmudi added that the broader bullish structure remains intact on higher timeframes. Prices have reclaimed major moving averages, signalling a transition from correction toward potential renewed strength.
“COMEX Silver is trading near $85–$90 after correcting from record highs above $121. Strong buying interest is evident in the $70–$75 support zone. A sustained recovery above $92–$96 could reignite momentum toward $100–$105 and potentially retest previous highs. Medium- to long-term outlook remains constructive, supported by industrial demand and structural supply constraints despite volatility,” he said.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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