US Fed Rate Hike Slams Gold and Silver Prices Down
The US Federal Reserve's recent rate hike has caused gold and silver prices to plummet in both domestic and international markets. According to data from the Multi Commodity Exchange (MCX), MCX Gold futures fell by Rs 19,87 per 10 grams, while Silver futures declined by Rs 4,565 to an early low of Rs 2,30,221 per kilogram.
Gold prices have resumed gapping down by -1.50% at Rs 150,541 in today's session after the rate hike announcement by the Fed Reserve yesterday. Analyst Aamir Makda from Choice Broking attributed this drop to the rise in interest rates, which has increased the appeal of interest-bearing assets.
MCX Gold was trading at Rs 150951, down 1 per cent or Rs 1,519.00, while MCX Silver was quoted at Rs 2,32,525, falling Rs 2,261 or 0.96 per cent. The 24 karat gold rate today in India is Rs 1,51,550 per 10 grams, while the 22 karat gold rate is Rs 1,38,921 per 10 grams.