Gold Prices Plummet Amid Higher US Interest Rate Expectations

Gold prices continued to decline on September 28, with spot gold falling by around 1.63% in early trading. US gold futures also decreased amid expectations about the US Federal Reserve's interest-rate path. Domestic gold prices remained volatile, affecting retail prices of 24K and 22K gold.

The MCX gold futures for October delivery were trading lower due to weakness in international gold prices. Silver prices have also been affected, declining more sharply than gold in some sessions. The precious metal's dual role as a commodity and an industrial material makes it vulnerable to market fluctuations.

The 24K gold rate was around ₹15,267 per gram in several major Indian cities, translating to approximately ₹1,52,670 per 10 grams. However, rates can vary slightly between cities and jewellers due to local market conditions and other charges.