Gold Prices Rebound After Initial Decline Amid Fed Rate Hike
Gold and silver prices saw fluctuations on September 17 as markets digested the US Federal Reserve's interest rate hike. Spot gold initially declined below $4,248 per ounce but quickly recovered to trade at $4,290. In contrast, US gold futures fell 0.98% to $4,344 from its previous close.
Silver held steady at just above $63 per ounce, up 0.61% from its previous close. On the domestic front, gold futures for the October contract saw a gap-down opening with a decline of 1.01% to Rs 1,50,937 per 10 grams in the morning session on MCX.
The easing concerns about supply disruptions in the Middle East provided some support for gold as oil prices declined. Brent crude futures fell 1.22% to $104.62 per barrel, while US West Texas Intermediate (WTI) futures dropped 1.2% to $101.20 per barrel.