Gold and silver prices plunged in domestic and international futures markets after the US Fed announced a rate hike. Gold futures contract, October 5 expiry, fell Rs 19,87 to hit an early low of Rs 1,50,483 per 10 grams, compared with the last close of Rs 1,52470 on the Multi Commodity Exchange.
Similarly, Silver futures due to expire on December 4 declined Rs 4,565 to an early low of Rs 2,30,221 per kilogram from last closing of Rs 2,34,786 on MCX.
Latest seen, MCX Gold was trading at Rs 150951, down 1 per cent or Rs 1,519.00. MCX Silver was quoted at Rs 2,32,525, falling Rs 2,261 or 0.96 per cent.
"Gold price has resumed gapping down by -1.50% at 150,541 in today’s session after a rate hike announcement by the Fed Reserve yesterday and signalled further tight policy to aim for the inflation target of 2%. This rise in interest rates has tended to pressure gold prices by increasing the appeal of interest-bearing assets," said Aamir Makda, Commodity & Currency Analyst, Technical Research, Choice Broking.
"For intraday momentum, key support would be at 150,100, and resistance would be at 151,750 – 152,350 respectively," he added.
24k, 22k Gold Rates In India
Yellow metal prices across all purity levels fell significantly in the domestic retail market as well. According to bullion.co.in, the 24 karat gold rate today, September 17, is Rs 1,51,550 per 10 grams, while the 22 karat gold rate today is Rs 1,38,921 per 10 grams.
Gold Rates In Delhi, Mumbai And Other Key Cities
City | 24K Gold Rate (per 10g) | 22K Gold Rate (per 10g) |
|---|---|---|
Delhi | Rs 1,50,840 | Rs 1,38,270 |
Mumbai | Rs 1,50,840 | Rs 1,38,270 |
Kolkata | Rs 1,50,900 | Rs 1,38,325 |
Chennai | Rs 1,51,540 | Rs 1,38,912 |
Bangalore | Rs 1,51,220 | Rs 1,38,618 |
Hyderabad | Rs 1,51,340 | Rs 1,38,728 |