In the previous trade, the precious metal had closed at Rs 47,862 per 10 gram.
In contrast, silver rose by Rs 340 to Rs 70,589 per kg, from Rs 70,249 per kg in the previous trade.
In the international market, both gold and silver were trading flat at USD 1,859 per ounce and USD 27.78 per ounce, respectively.
HDFC Securities Senior Analyst (Commodities) Tapan Patel said, "Gold prices traded near four-week lows as traders and investors are awaiting outcome from the US FOMC meeting."
Motilal Oswal Financial Services Vice-President (Commodities Research) Navneet Damani said, "Gold prices traded steady after a fall witnessed in the yesterday''s (Tuesday) session, due to a stronger dollar and an uptick in US yields as investors look forward to the outcome of the the US Federal Reserve meeting."