Gold Prices Plummet Globally Amid US Monetary Policy Tightening

Gold prices declined globally on September 28, with spot gold falling to $4,215 per ounce due to US monetary policy tightening and upcoming economic data.

The decline in gold prices is primarily driven by the Federal Reserve's tightening path, which has emerged as an important driver for gold. Investors are assessing the outlook for US monetary policy, and market sentiment may be influenced by upcoming US economic data.

Domestic spot gold had closed the previous Friday session at Rs 1,51,377 per 10 grams, while silver remained at Rs 2,31,793 per kilogram. MCX gold futures for October 5 delivery closed 0.12% lower, while December silver futures gained 0.65% from the previous close.

The city-wise rates provided by Asianet Newsable showed varying prices across different cities in India, with Delhi and Mumbai recording higher rates compared to other cities.