Indian Gold Prices Drop Amid Global Volatility

The current gold price in India stands at Rs 15,284 per gram for 24 carat gold, with prices decreasing by Rs 60 over September 16. The 22 carat and 18 carat gold prices also saw a decrease of Rs 55 and Rs 45 respectively.

Vedika Narvekar, Research Analyst- Commodities & Currencies at Anand Rathi Share and Stock Brokers, mentioned that spot gold has seen some relief with a 0.5% increase near $4,290 an ounce after three straight days of losses.

Narvekar added that the bounce is not about gold itself, but rather the cooling off of bond yields following the Fed's rate hike. She also stated that while today's move is a relief rally, she doesn't see a sustainable upside due to elevated yields and a firmer dollar.