Gold Market
Daily movements in the gold market and what is driving them.
Gold and silver prices dropped sharply on the MCX on Thursday after the US Federal Reserve raised interest rates and signalled further tightening. Easing oil supply concerns added to the pressure.
Gold prices fell more than 1% after the US Federal Reserve raised interest rates and signalled further increases, pushing the dollar higher and pressuring non-yielding bullion.
New Found Gold has reached commercial production at Hammerdown in Newfoundland after two months of sustained throughput and recovery. Shares rose more than 5% on the news.
Gold prices rose on September 16 supported by a weaker US dollar. Traders awaited the Federal Reserve's policy decision, with markets pricing a 90% chance of a quarter-point rate hike.
Gold prices erased gains and slid after the Federal Reserve hiked rates by 25 bps to a 3.75-4.00% range, with most officials projecting at least one more increase this year.
Commodity markets are volatile as West Asia tensions disrupt supply chains. ICICI Direct's Pankaj Pandey explains the outlook for gold, metals and crude oil, and what it means for stocks.
Gold and silver futures dipped slightly on MCX on September 16. Retail gold prices in major Indian cities remained largely unchanged at ₹1,53,160 per 10 gm for 24-carat.
Gold and silver prices rose in domestic markets on Wednesday, with MCX gold futures gaining Rs 1,300 per 10 grams and silver climbing Rs 4,000 per kg ahead of the US Fed decision.
India's gold imports dropped 57.75% in August to $2.3 billion after the government raised import duty to 15%. Silver imports jumped 127%.