Noida, Sep 17 (APAC Media): Gold prices remained volatile on Thursday as investors assessed the latest US Federal Reserve decision and its implications for interest rates, the dollar and global economic growth.
Spot gold recovered from a six-week low touched in the previous session, rising about 0.8% to $4,295.26 an ounce. US gold futures for December delivery, however, fell 1.2% to $4,333.90 an ounce.
On the domestic market, gold futures on the Multi Commodity Exchange opened lower. The October gold contract declined about 1.01% to ₹150,937 per 10 grams during morning trade. MCX silver for December delivery also fell about 1.02% to ₹232,400 per kg.
The movement followed the US Federal Reserve’s decision to raise its benchmark interest rate by 25 basis points to a range of 3.75%-4%. The hike was the first increase in more than three years.
City-wise gold and silver rates — September 17
| City | 24K Gold (₹/10g) | 22K Gold (₹/10g) | 999 Silver (₹/kg) |
|---|---|---|---|
| New Delhi | ₹1,53,060 | ₹1,40,305 | ₹2,34,310 |
| Mumbai | ₹1,53,320 | ₹1,40,543 | ₹2,34,710 |
| Bengaluru | ₹1,53,440 | ₹1,40,653 | ₹2,34,890 |
| Kolkata | ₹1,53,120 | ₹1,40,360 | ₹2,34,400 |
| Hyderabad | ₹1,53,560 | ₹1,40,763 | ₹2,35,080 |
| Chennai | ₹1,53,770 | ₹1,40,956 | ₹2,35,390 |
The Fed’s decision prompted investors to reassess the outlook for US monetary policy. Higher interest rates can weigh on gold by increasing the opportunity cost of holding the non-yielding asset.
The US dollar strengthened after the Fed announcement, while Treasury yields also moved higher. The dollar index climbed to around 100.3, while the two-year US Treasury yield rose to about 4.72%.
Gold prices, however, received some support from easing crude oil prices and continued geopolitical uncertainty. Brent crude fell about 1.2% to $104.62 a barrel, while US West Texas Intermediate crude declined about 1.2% to $101.20 in early trade.
In the Indian retail market, 24-carat gold was quoted at around ₹153,600 per 10 grams, while 22-carat gold stood at ₹140,800 per 10 grams. Silver of 999 purity was priced at about ₹235,140 per kg.
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Domestic bullion prices are also influenced by movements in the rupee against the US dollar, international gold prices and local demand. The rupee remained under pressure following the Fed decision and briefly moved beyond the ₹96-per-dollar mark before recovering.
Traders are expected to monitor upcoming US economic data, movements in Treasury yields and the dollar, as well as geopolitical developments, for further direction in gold and silver prices.
Retail jewellery prices may differ from quoted bullion rates, as they include making charges, taxes and other applicable costs.
–ENDS–
Disclaimer:Â Gold and Silver prices are for informational purposes only. APAC Media is not liable for any discrepancies or financial decisions made based on this data. Please consult an authorised advisor before making investment choices.
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