Gold Prices Plummet as Fed Hike Sparks Demand Drop

Gold prices in India have fallen significantly over the past few hours, with 10 grams of 24-carat gold now priced at ₹1.51 lakh, a decline of ₹1,036 from earlier. The price drop is attributed to the recent interest rate hike by the Federal Reserve, which has led to a decrease in demand for gold as a safe-haven asset.

Meanwhile, silver prices have also plummeted, with one kilogram now priced at ₹2.28 lakh, down ₹2,862 from earlier levels. This marks a significant decline of around ₹9,000 for silver and ₹5,000 for gold compared to their peak values this month.

Market experts believe that the prices may continue to fluctuate in the near term due to geopolitical tensions and economic uncertainty. However, they advise investors to remain cautious, as any major drop could also create a buying opportunity.