Gold Prices Plummet Amid US Dollar Strength and Rising Treasury Yields
Gold prices in India have been volatile due to market expectations of interest rates, crude oil prices, and currency fluctuations. As of September 16, 24K gold is priced at ₹15,316 per gram, with 22K gold at ₹14,039 and 18K gold at ₹11,487. These prices are indicative and exclude GST, making charges, TCS, and other applicable costs.
The global gold price has been under pressure due to a strengthening US dollar and rising Treasury yields. According to Reuters, spot gold lost 0.1% to reach $4,293.29 per ounce on September 15, while US gold futures declined 0.4% to $4,332.80 per ounce.
The Federal Reserve's policy announcement has added uncertainty to the market, with investors expecting a tightening of monetary policy amid rising inflation concerns. This has led to a decline in gold prices, as the metal is often seen as a safe-haven asset during times of economic uncertainty.