Gold Falls ₹773 per 10 Grams as US Fed Hawkishness Takes Toll

Gold and silver prices took a hit in India on September 21, with analysts pointing to softer spot demand and shifting market positioning.

The Multi Commodity Exchange (MCX) saw gold futures for October delivery fall ₹773, or 0.5%, to ₹1.53 lakh per 10 grams, while silver futures for December delivery declined ₹2,024, or 0.84%, to ₹2.39 lakh per kg.

Gaurav Garg, head of research at Lemonn, attributed the decline to hawkish commentary from the US Federal Reserve and inflation concerns keeping yields and the dollar firm.

Vikram Subburaj, CEO of Giottus.com, cautioned that the rebound in prices last week should not be taken as a return to the earlier uptrend, citing sharp movements in both metals during recent sessions.