Global Gold and Silver Prices Plummet After US Fed's Monetary Policy Decision
The US Federal Reserve's latest monetary policy decision has sent shockwaves through the global gold and silver markets, causing prices to plummet. Gold slipped 0.67% to trade at USD 4,132.70 per ounce, while silver lost 0.67% to reach USD 58.620 per ounce.
The decline in precious metal prices was largely due to traders booking profits after the Fed's announcement. The strength of the US dollar and interest rate expectations continue to have a significant impact on investor demand for gold and silver.
In India, domestic bullion prices also remained under pressure, with MCX gold futures trading at Rs 1,43,996 per 10 grams, down Rs 844 from the previous day. Silver prices were similarly affected, falling to Rs 2,19,120 per kg on the MCX.
Gold and silver prices in India are influenced by both international market trends and local factors such as currency movements and demand. Retail gold prices in India edged lower on July 31, with twenty four carat gold trading at around Rs 1,44,020 per 10 grams.