Gold Prices Plunge on US Monetary Policy Uncertainty and Gulf Tensions
Gold prices continued their downward trend on September 28, with spot gold falling to $4,215 per ounce. This decline is attributed to the United States monetary policy and upcoming economic data, which have created uncertainty in the market.
The Federal Reserve's tightening path has emerged as a key driver for gold, with investors reassessing their outlook for US monetary policy. The Gulf region's geopolitical developments are also affecting demand for the precious metal.
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.
City-wise rates for gold and silver vary due to local market conditions, taxes, logistics, and other costs. Buyers should consider these factors when making a purchase.