Gold, Silver Prices Plummet Amid Fed Rate Hike Fears

Gold and silver prices continued to fall on September 29, with gold trading at around USD 4,166.10 per ounce and silver at USD 61.16 per ounce.

In the domestic commodity market, gold opened at Rs 1,46,770 per 10 grams, while silver opened at Rs 2,25,300 per kg.

Gold's price is now well below its MCX all-time high of nearly Rs 1,80,000 per 10 grams, and silver has also fallen sharply from its all-time high of around Rs 4,20,000 per kg.

Ajay Kedia, Director at Kedia Advisory, stated that gold settled 0.14% higher at Rs 1,49,036 due to softer-than-expected US inflation data, which reinforced expectations that the Federal Reserve may leave interest rates unchanged at its October meeting.