MCX Gold, Silver Prices Plummet Amid Higher US Interest Rates Expectations
Gold and silver prices plummeted on the Multi Commodity Exchange (MCX) on September 22, as investors anticipated higher US interest rates and a stronger dollar.
The MCX gold futures for October delivery fell to ₹1.52 lakh per 10 grams, down 0.62%, while silver futures for December delivery dropped to ₹2.37 lakh per kilogram, also lower by 0.62%.
Despite earlier reaching an intraday high of ₹1.53 lakh per 10 grams, gold prices reversed gains due to the strong dollar and higher interest rates expectations.
'Gold and silver are consolidating as expectations of rates staying higher for longer keep sentiment in check,' said Prithviraj Kothari, managing director at RiddiSiddhi Bullions and president of the India Bullion and Jewellers Association (IBJA).