Gold Prices Skyrocket ₹1.55 Lakh Amid Fed Rate Hike Decision
The price of gold has surged significantly in India, with MCX gold surging ₹1.55 lakh and silver reaching ₹2.55 lakh due to the US Federal Reserve's recent rate hike decision.
The gold prices have seen a sharp recovery after a turbulent September, with spot gold closing at $4,390.11 an ounce on 18 September, according to Reuters.
The World Gold Council notes that COMEX gold futures are quoted in US dollars per troy ounce and reflect expectations, interest rates, and the cost of carry.