Gold and silver price on January 29: Precious metals trade lower for third straight day ahead of US Fed meeting outcome

Gold prices continued to decline for the third straight day in major Indian cities on Wednesday, January 29, ahead of the outcome of the Federal Open Market Committee (FOMC) meeting on policy rates.

The US dollar also gained in the early Asian trade, which weighed on the precious metal. The US Fed will announce its policy late on Wednesday and any cut in rates would support gold prices.

Gold prices dropped by ₹320 per 10 grams on Tuesday following a ₹150 correction on Monday. Spot gold declined by 0.02% to $2,762 an ounce in early Asian trade on Wednesday.

Gold Price Today in India (January 29, 2024)

In Delhi markets, 24K gold prices edged lower by ₹10 to ₹82,070 per 10 grams and 22K gold at ₹75,240 per 10 grams. The 24K gold in Mumbai dropped ₹10 to ₹81,920 per 10 grams and 22K gold to ₹75,090 per 10 grams.

Gold Price Today in Major Cities:

Silver Price Today in India (January 29, 2025)

Silver prices fell by ₹100 to ₹96,400 per kg in major Indian cities on Wednesday.

Trade-related concerns and weak domestic demand are keeping silver prices in a range. The white metal traded flat at ₹96,500 on Tuesday amid a recovery in global markets.

Spot silver was down 0.06% to $30.39 an ounce in early Asian trade. The metal moved between $30.38 and $30.48 an ounce in early trade.

Silver Price Today in Major Cities:

Comparison of Gold and Silver Prices This Week

Gold prices have been on a falling streak this week due to a strong dollar and the FOMC decision that was due late on Wednesday. After hitting an all-time high-level last week, gold has taken a breather as investors await the Fed policy meeting outcome for further direction in the market.

Silver prices have also eased due to weak demand scenarios and a strong dollar hitting the safe-haven demand.

Here’s a comparison of gold and silver prices from earlier this week: