Gold prices climbed over a per cent on Thursday after Federal Reserve Chair Jerome Powell turned less hawkish over rate hikes. However, silver outperformed the yellow metal with a wide margin.Pritam Patnaik, Head – Commodities, Axis Securities said that gold prices rallied after the Fed event, primarily due to the fact that the 50 basis point rate hike was in line with expectations.Rate hikes tend to lift bond yields and make bullion less attractive by raising its opportunity ..Rahul Kalantri, VP Commodities, Mehta Equities, said the outcome of the US Fed meeting dragged the US dollar index below the round level, but gold and silver prices jumped after Powell said the US central bank was not actively weighing a 75-basis point increase.In the spot market, highest purity gold was sold at Rs 51,055 per 10 grams while silver was priced at Rs 62,538 per kg on Wednesday, according to the Indian Bullion and Jewellers Association.The spot price of gold has dropped about Rs 2,500 per 10 grams since April 18, 2022, whereas silver has tumbled almost Rs 8,800 per kg in the same period under review.Gold was falling in anticipation of interest rate hike and yesterday marked the most aggressive Fed tightening of monetary policy at one meeting in decades, aimed at rapidly reducing the economic stimulus that has contributed to rising price pressures, said Ravi Singh, Vice President and Head of Research, ShareIndia.
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