India Gold Prices Fall ₹170 as Fed Rate Hike Fears Ease

Gold and silver futures declined on Thursday after opening higher in domestic trade. Despite global gold prices remaining above $4,450 per ounce due to easing expectations of a rate increase by the Federal Reserve, both precious metals lost ground.

The benchmark October gold contract opened at ₹1,55,071 per 10 gram, up ₹189 from the previous close of ₹1,54,882. However, it slipped to ₹1,54,712, down ₹170, during the session.

Investment demand and central bank buying continue to support gold prices globally. Gold was trading near $4,465 per ounce on Comex, while silver was around $65.60 per ounce at the time of writing.