Gold Prices Plummet in Delhi Amid Expectations of September Rate Hike
New Delhi, September 7, 2026: The gold price took a hit on Monday in India's capital city, dropping by ₹650 to ₹1,60,250 per 10 grams. This decline is attributed to weak global cues.
The US jobs data released earlier this month has created expectations of a September Fed rate hike, putting downward pressure on the gold market. Markets are now eagerly awaiting this week's Producer Price Index and Consumer Price Index data for further clues on the Federal Reserve's interest-rate trajectory.
In international markets, spot gold slipped by $35.03, or nearly 1%, to $4,395.30 per ounce. Similarly, silver dropped 1% to $65.64 per ounce. Experts say that the US inflation data due later this week could provide fresh cues on the Federal Reserve's interest-rate trajectory and its effect on the bullion outlook.
Gaurav Garg, Head of Research at brokerage platform Lemonn, noted that gold remained under pressure after stronger-than-expected US jobs data increased expectations of a September Fed rate hike. Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, also stated that gold fell on Monday, tracking weaker overseas cues.