New Delhi: There is pressure on gold and silver prices on Wednesday also. Rising tensions in the Middle East, rising crude oil prices and strong US dollar have influenced the movements of the bullion market. Apart from this, investors are keeping an eye on the two-day policy meeting of the US Federal Reserve, the decision of which is going to come today.
In the international market, spot gold was trading at around 4,288 dollars an ounce on Wednesday morning, while silver remained stable at around 63.67 dollars an ounce. There is caution in the market regarding the Fed’s interest rate decision.
What was the price of gold and silver on MCX?
In the domestic market, during Tuesday’s trading session, October contract gold on MCX had fallen by about 0.68 per cent to Rs 150,201 per 10 grams. At the same time, domestic spot gold was at around Rs 149,914 per 10 grams in evening trade.
There were fluctuations in silver also on Tuesday. Spot silver was trading around 63 dollars an ounce in the international market, while US silver futures also declined.
Gold Price: City Wise
| City | 24K/gm | 22K/gm | 18K/gm |
|---|---|---|---|
| Chennai | Rs 15,316 | Rs 14,039 | Rs 11,809 |
| Mumbai | Rs 15,316 | Rs 14,039 | Rs 11,487 |
| Delhi | Rs 15,331 | Rs 14,054 | Rs 11,502 |
| Kolkata | Rs 15,316 | Rs 14,039 | Rs 11,487 |
| Bangalore | Rs 15,316 | Rs 14,039 | Rs 11,487 |
| Hyderabad | Rs 15,316 | Rs 14,039 | Rs 11,487 |
| Kerala | Rs 15,316 | Rs 14,039 | Rs 11,487 |
| Pune | Rs 15,316 | Rs 14,039 | Rs 11,487 |
| Vadodara | Rs 15,321 | Rs 14,044 | Rs 11,492 |
| Ahmedabad | Rs 15,321 | Rs 14,044 | Rs 11,492 |
Silver Price Today: City Wise
| City | Silver/gm | Silver/10 gm | Silver/1 kg |
|---|---|---|---|
| Chennai | Rs 249.90 | Rs 2,499 | Rs 249,900 |
| Mumbai | Rs 244.90 | Rs 2,449 | Rs 244,900 |
| Delhi | Rs 244.90 | Rs 2,449 | Rs 244,900 |
| Kolkata | Rs 244.90 | Rs 2,449 | Rs 244,900 |
| Bangalore | Rs 244.90 | Rs 2,449 | Rs 244,900 |
| Hyderabad | Rs 249.90 | Rs 2,499 | Rs 249,900 |
| Kerala | Rs 249.90 | Rs 2,499 | Rs 249,900 |
| Pune | Rs 244.90 | Rs 2,449 | Rs 244,900 |
| Vadodara | Rs 244.90 | Rs 2,449 | Rs 244,900 |
| Ahmedabad | Rs 244.90 | Rs 2,449 | Rs 244,900 |
Why is there pressure on the price of gold?
Many factors are currently influencing the bullion market. Crude oil prices have increased due to the ongoing tension in the Middle East. Expensive oil is raising concerns about inflation, which has increased fears of a tight monetary stance by the US Fed. Additionally, the strength of the US dollar and treasury yields is also putting pressure on non-interest-bearing assets like gold.
Why are eyes fixed on the Fed’s decision today?
A decision regarding the interest rate is going to come today after the two-day meeting of the US Federal Reserve. The market is keeping an eye on this decision and further signals from the Fed. If there is a strict stance regarding interest rates, pressure on gold may increase, while bullion may get some support if there are soft signals.
How can the trend of gold be in future?
At present there is instability in the gold market. On September 15, gold on MCX had hit a five-week low and the US 10-year treasury yield had touched 5.02 per cent. Now after the Fed’s decision, the next direction of gold and silver is expected to be clear in the market.
Note: Retail prices of gold and silver may vary as per city, purity, making charges and other local charges.
