Gold Prices Plummet Amid Global Economic Uncertainty

The price of gold in India has seen a decrease, with 24 carat gold currently priced at Rs 15,535 per gram. This is down from Rs 15,721 on September 7. The prices for 22 carat and 18 carat gold have also decreased to Rs 14,240 and Rs 11,651 per gram respectively.

Rajeev Sharan, Head of Research at Brickwork Ratings, noted that gold prices are likely to remain under pressure over the next two weeks. He attributed this to the US Federal Reserve's upcoming rate decision on September 16.

The current global tensions in West Asia have contributed to the fluctuations in gold prices. The Strait of Hormuz has seen a significant decrease in commodity vessel traffic, with an average of just 10 vessels passing through over the last 10 days.