Gold Prices Rise Amid Fed Rate-Hike Concerns

Gold prices in India rose ₹1,291 on Wednesday, September 16, as investors awaited the policy decision of the US Federal Reserve. The central bank is expected to raise interest rates by 25 basis points, which may put pressure on gold and silver prices.

The Multi Commodity Exchange (MCX) saw the benchmark October gold contract open at ₹1,52,100 per 10 gram, a gain of ₹976 from the previous close. Gold futures had touched an intraday high of ₹1,52,100 and a low of ₹1,51,691.

Silver prices also rose, with the MCX benchmark December silver contract opening at ₹2,35,785 per kg, a gain of ₹3,082 from the previous close. Silver futures had touched an intraday high of ₹2,35,988 and a low of ₹2,34,972.

Gold and silver prices in the international market were also higher on Comex, with gold trading at $4,375.60 per ounce and silver trading at $65.21 per ounce.