Indian Gold Prices Plummet as US Interest Rates and Oil Surges Impact Bullion Market

Gold prices in India have been experiencing significant fluctuations over the past month. According to recent data, 24K gold is priced at ₹14,957 per gram, while 22K gold and 18K gold are priced at ₹13,710 per gram and ₹11,218 per gram respectively. This brings the cost of 10 grams of each gold price variant to ₹1,49,570 for 24K gold, ₹1,37,100 for 22K gold, and ₹1,12,180 per gram for 18K gold.

Despite a drop in prices during September, the Indian gold market is showing signs of recovery. The MCX gold price has increased by 0.64% to ₹1,49,810 per 10 grams as of September 30. However, the silver price has crashed by around 4% to ₹2,40,000 per kg compared to its beginning of September value.

The gold market is highly volatile and influenced by various factors such as international gold prices, US interest rates, and currency movements. The spot gold price was $4,170.63 per ounce, while the US gold futures were at $4,201.90 per ounce. Traders are expected to continue tracking the US inflation numbers and the Fed's cues in view of the fast-changing interest-rate sentiments for bullion.