Gold Market
Original summaries of the reporting that moves the gold price, with every source linked.
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.
Gold and silver prices have stabilised slightly after recent declines, with analysts pointing to oversold conditions and key support levels holding ahead of this week's FOMC meeting.
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.
A well-known commentator argues that market psychology, not artificial intelligence or economic data, is the true driver of gold prices. He sees a key support level for December futures.
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.