New Delhi, Oct. 29 -- Gold and silver prices, 29 October: Gold and silver prices edged lower in the domestic market on Thursday, after the US Federal Reserve held benchmark interest rates steady in a move that was broadly anticipated.

In the international market, gold prices declined; spot gold lost 0.5% to $4,039.39 an ounce, while US gold futures for December delivery settled ‌0.6% lower at $4,051.60 per ounce. The Fed held interest rates steady in the 3.75%-4.00% range, as expected, opting to delay any changes to borrowing costs until after next week's US midterm elections, according to a report by CNBC.

US interest rates have a strong inverse (negative) correlation with gold prices because higher rates increase the opportunity...