Gold and Silver Prices Plummet as Investors Take Profits Amidst US Federal Reserve Inflation Crackdown
The prices of gold and silver have fallen due to the strict stance taken by the US Federal Reserve Chairman. As a result, investors started taking profits, which led to weakness in precious metals.
According to the latest data available, COMEX gold futures fell 1.23 per cent to $4,474.30 an ounce on August 31, while October contract gold on the domestic MCX closed at $15,599 per 10 grams with a fall of 1.41 per cent.
Similarly, COMEX silver fell 1.71 percent to Rs 65.85 an ounce in early trade, and September contract silver closed at Rs 236,651 per kg on August 28 with a decline of 1.66 percent.
The prices of gold and silver may vary across cities due to local market conditions and taxes. In Delhi, the price of 22-carat gold is around Rs 145,190 per 10 grams, while in Mumbai, it's around Rs 1,58,240 per 10 grams for 24 carat gold.
The US Federal Reserve Chairman's tough stance on inflation has affected the prices of gold and silver. Investors are keeping a close eye on upcoming economic data and signals from the Fed to determine the direction of precious metals' prices.