Gold and Silver Prices Surge Amid Fed Interest Rate Decision
The prices of gold and silver have surged on September 18 after facing pressure following the US Federal Reserve's interest rate decision. Gold has rebounded in global markets, moving above USD $4,400 per ounce, while silver has also gained sharply.
On the Multi Commodity Exchange, October gold futures were trading higher at around Rs 1.54 lakh per 10 grams, and December silver futures were trading around Rs 2.41 lakh per kg.
Experts believe that gold's fundamentals remain strong over the long term. Ajay Kedia, a commodity expert, said, 'The Bank of England kept rates unchanged, while the Bank of Japan is widely expected to raise rates to a 31-year high.' Easing concerns over oil supply disruptions and expectations of progress toward an end to the Iran conflict have also weighed on crude prices.