Gold and silver prices remained unchanged during early trade on Monday. Ten grams of 24-carat gold was trading at Rs 57,440, while silver was selling at Rs 72,200 per kg.
The price of 22-carat gold was trading at Rs 52,650, according to the GoodReturns website.
In Mumbai, Kolkata, and Hyderabad, 10 grams of 24-carat and 22-carat gold was selling at Rs 57,440 and Rs 52,650, respectively.
In Delhi, 10 grams of 24-carat and 22-carat gold was trading at Rs 57,590 and Rs 52,800, respectively. In Chennai, 10 grams of 24-carat and 22-carat gold was selling at Rs 58,370 and Rs 53,500, respectively.
Spot gold held its ground at $1,926.65 per ounce, as of 0259 GMT. US gold futures were down 0.2 per cent at $1,925.50.
Traders are eyeing the Fed's policy meeting scheduled on Jan 31-Feb 1. The market broadly expects the US central bank to scale back rate hikes to 25 basis points (bps) from 50 bps announced in December.
"Gold prices are currently consolidating into a range ahead of the Fed meet. The main focus will be on the tone that Fed Chair Jerome Powell will strike in his speech," said Ilya Spivak, head of global macro at Tastylive.
Gold, being a non-yielding asset, tends to benefit when interest rates are low as it reduces the opportunity cost of holding bullion.
In Delhi and Mumbai 1 kg of silver was trading at Rs 72,200, while in Chennai and Hyderabad, it was selling at Rs 74,200. In Kolkata, the metal was selling at Rs 72,200.
Spot silver gained 0.4 per cent to $23.65 per ounce, platinum rose 0.2 per cent to $1,014.53, and palladium climbed 1.2 per cent to $1,638.45.