Gold Price Briefly Falls Before Recovering Amid Interest Rate Hike

The price of gold saw a decline just below $4,248 per ounce in early trade on September 17, but quickly recovered to $4,290 as markets digested the interest rate hike by the US Federal Reserve.

US gold futures fell 0.98% to $4,344 from its previous close, while domestic futures were down 1.01% to Rs 1,50,937 per 10 grams in the morning session on MCX.

Silver held steady at just above $63 per ounce, up 0.61% from its previous close, as oil prices declined. Brent crude futures fell 1.22% to $104.62 per barrel, while US West Texas Intermediate (WTI) futures fell 1.2% to $101.20 per barrel.