Gold and Silver Prices Decline in India Amid Higher US Interest Rates
On September 28, gold and silver prices declined in India, according to the India Bullion and Jewellers Association (IBJA). The price of 24-carat gold fell to Rs 1,48,048 per 10 grams, a decline of Rs 4,065 from the previous day. Silver dropped to Rs 2.23 lakh per kg, down by Rs 9,158.
The prices varied across different cities, with Delhi and Kolkata seeing a rate of Rs 1,50,320 for 24-carat gold. The IBJA attributed the decline in gold and silver prices to higher US interest rates, which has put pressure on gold prices. However, geopolitical tensions and economic uncertainty may continue to support demand for gold as a safe-haven asset.
Market participants are advised to remain cautious amid signs of weakness, but also noted that a significant further decline could create a potential buying opportunity.