Indian Gold Prices Slip Amid Fed Rate Hike Fears and Strong Dollar

Gold prices in India have dipped following fears of a Federal Reserve rate hike and a strong US dollar. The price of 24K gold, 99.9% purity, has fallen to ₹15,458 per gram, while silver stands at ₹245 per gram on a gram-for-gram basis. On a 10-gram basis, 24K gold costs ₹154,580, 22K gold is priced at ₹141,700, and 18K gold is at ₹115,940.

The recent decline in gold prices comes after a steep fall in international prices due to stronger US Treasury yields and a firmer dollar. The Federal Reserve's policy meeting on September 15-16 has investors on high alert as heightened inflation expectations and climbing oil prices bolster bets on a rate hike. Rising crude prices, driven by intensifying US-Iran tensions, have deepened inflation worries and made the Fed's policy outlook even more complicated.

City-wise gold rates show small differences across major markets in India. In Delhi, 24K gold is priced at ₹154,730 per 10 grams, while in Mumbai, it costs ₹154,580 per 10 grams. In contrast, Ahmedabad sees a slightly higher price of ₹154,630 per 10 grams for 24K gold.