In the quiet before a central bank speaks, markets often reveal what they truly fear — not the decision itself, but the meaning behind it. On Tuesday in Delhi, gold slipped Rs 1,000 to Rs 1,31,600 per 10 grams and silver fell Rs 4,500 per kilogram, as Indian precious metals traders chose stillness over speculation ahead of the US Federal Reserve's December 9-10 policy meeting. The movement was less a verdict on gold's value than a portrait of collective human hesitation — the ancient instinct to wait before the oracle delivers its word.
NDTV Profit
· Dec 09, 2025
· economy
· 6 min read
High
Sourcing: Verified
Gold, Silver Prices Slip Ahead of Fed Policy Decision
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Economy & Finance
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Bias & Framing
⚖
Factual reporting on commodity price movements with balanced analyst perspectives; minimal bias detected in straightforward market reporting.
Bias Direction
center
Confidence
HIGH
Neutral market reporting with multiple expert analyst quotes to explain price movements; focuses on objective data points (prices, percentages) and causal factors (Fed policy, bond yields, demand).
Retail investor sentiment or concerns about gold/silver investments
Perspective from commodity traders or bullion dealers on market impact
Long-term investment thesis or alternative asset allocation views
Impact on gold-dependent industries or jewelry sector
Geopolitical Impact
🌎
Precious metals prices decline ahead of Fed policy decision, reflecting global monetary policy uncertainty and US fiscal concerns affecting commodity markets.
Escalation Risk
low
Confidence
HIGH
United States
India
Global commodity markets
Eurozone
Emerging markets
US Federal Reserve maintains significant influence over global asset prices and capital flows. Rising US Treasury yields signal fiscal dominance concerns, potentially redirecting investment from commodities to bonds, affecting emerging market capital flows and commodity-dependent economies like India.
Similar to 2022-2023 period when Fed rate hikes triggered commodity volatility and emerging market capital outflows, though current context involves anticipated rate cuts rather than hikes.
Economic Lens
📈
Gold and silver prices declined in India ahead of Fed policy decision, with traders exercising caution on monetary policy uncertainty and rising US Treasury yields.
Market Signal
mixed
Confidence
HIGH
Precious metals and commodities
Jewelry manufacturing
Banking and financial services
Currency markets
Investment and wealth management
Indian consumers face lower gold and silver prices in the short term, benefiting jewelry purchasers and investors seeking entry points. However, price volatility tied to Fed decisions creates uncertainty for long-term investment planning and hedging strategies.
Fed's upcoming monetary policy decision will significantly influence precious metal valuations; rate cuts may support gold prices as safe-haven assets, while rising Treasury yields create competing investment alternatives. RBI may need to monitor rupee strength and capital flows in response to Fed actions.