Gold, Silver Prices Surge Amid US Fed Rate Decisions and Dollar Fluctuations
Gold and silver prices have been elevated globally due to various factors, including US Federal Reserve rate decisions, dollar fluctuations, and oil price movements. Spot gold traded below $4,350 per ounce on September 18. In India, domestic rates vary across cities due to local taxes. The current 24K gold price is around Rs 1,53,000 per 10 grams, while silver nears Rs 2,37,000 per kilogram.
The US Federal Reserve's rate decision has had a significant impact on the global market, with investors assessing its implications on the economy. This has led to increased demand for gold and other safe-haven assets. The rupee also weakened against the dollar, which added to the pressure on bullion prices.
Globally, gold's near-term movement is expected to remain sensitive to the US dollar, Treasury yields, and expectations around Federal Reserve policy. In India, city-wise data shows that 24K gold is priced at Rs 1,53,430 per 10 grams in Mumbai, Rs 1,53,170 in Delhi, and Rs 1,53,880 in Chennai.