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Gold, silver prices on Sept 16: Gold, silver rates stare at sharp losses over Fed rate hike risks

Gold, silver prices on Sept 16: Gold, silver rates stare at sharp losses over Fed rate hike risks

Gold, silver prices on Sept 16: The yellow metal price in India dipped to Rs 49,850 for 24-carat gold (10 grams), while for 22-carat gold (10 grams) it was Rs 45,700. Silver prices were also down and were trading at Rs 56,400.

Gold futures at MCX fell 0.16% to Rs 49,231 per 10 gram, while silver futures dipped 0.4% to Rs 56,194 per kg. Gold futures at MCX fell 0.16% to Rs 49,231 per 10 gram, while silver futures dipped 0.4% to Rs 56,194 per kg.

Gold prices are sharply down on Friday after the yellow metal rates dropped to a near two-month low on Thursday over a stronger dollar in the international market. Gold price in India dipped to Rs 49,850 for 24-carat gold (10 grams), while for 22-carat gold (10 grams) it was Rs 45,700. Silver prices were also down and were trading at Rs 56,400. Gold futures at MCX fell 0.16% to Rs 49,231 per 10 gram, while silver futures dipped 0.4% to Rs 56,194 per kg. 

In the international market, spot gold fell 0.5 per cent to $1,687.70 per ounce by 0925 GMT, after touching its lowest since July 21. October gold was last down $36.00 at $1,662.20 and December silver was down $0.324 at $19.245. Silver prices are also solidly lower in the international market. Spot silver fell 1.4 per cent to $19.42 per ounce, while platinum rose 0.1 per cent to $906.40. Palladium shed 1.3 per cent to $2,135.41. 

Gram Price for 22-carat gold Price for 24-carat gold
1 gram Rs 4,570 Rs 4,985
10 grams Rs 45,700 Rs 49,850

Domestic prices 

In the national capital Delhi, the gold price for 24 carats (10 grams) is Rs 50,020, while 22 carat (10 grams) is available at Rs 45,850. In Kolkata, 24-carat gold (10 grams) is available for Rs 49,850, while 22 carat (10 grams) is Rs 45,700.  

Also read: Gold, silver prices today: Yellow metal rates continue to struggle at Rs 50,770, silver prices up to Rs 57,000

On the other hand, the price of 24-carat gold (10 grams) in Mumbai is Rs 49,850, while 22-carat gold (10 grams) is Rs 45,700. In Chennai, 24-carat gold (10 grams) is available for Rs 50,510, and 22 carat (10 grams) is available for Rs 46,300. It is to be noted that gold prices vary from city to city and depend on taxes and duties levied by the state government. 

Cities 22-Carat Gold Rates 24-Carat Gold Rates
Chennai  Rs 46,300 Rs 50,510 
Mumbai  Rs 45,700  Rs 49,850
Delhi  Rs 45,850 Rs 50,020
Kolkata  Rs 45,700   Rs 49,850
Bangalore  Rs 45,750 Rs 49,900  
Hyderabad  Rs 45,700 Rs 49,850 

Fed rates and uncertain gold 

Most precious metals are hit by global economic worries that threaten to dent commercial and consumer demand for raw commodities, including yellow and white metals. Analysts had warned of more losses in gold after it slipped below $1,700 - a critical support level - earlier this week. Gold prices started fluctuating from highs hit during the onset of the Russia-Ukraine conflict, as a series of interest rate hikes by the Fed saw investors seek better yields in the dollar and sovereign debt. With the US Fed set to maintain the hawkish monetary policy, pressure on gold is widely expected to continue for the remainder of the year.