US Fed Rate Hike Slams Gold and Silver Prices
Gold and silver prices fell on Thursday after the US Federal Reserve raised its benchmark interest rate by 25 basis points. The move signaled another potential hike this year, which weighed on precious metals. In India's bullion market, 24K gold traded at ₹1.53 lakh per 10 grams, while silver was priced at ₹2.35 lakh per kg.
The highest gold price was observed in Chennai, where it reached ₹1,53,770 per 10 grams, whereas Delhi had the lowest price of ₹1,53,060 per 10 grams. The US Fed's decision to raise interest rates is seen as a signal for further tightening in monetary policy.