Gold and Silver Prices Witness Sharp Decline After U.S. Federal Reserve Decision
Precious metals tumble across domestic and international markets, with silver plunging by over ₹8,800 per kg and gold dropping more than ₹3,200 per 10 grams.
Gold and silver prices witnessed a significant decline on Thursday following the latest interest rate decision by the U.S. Federal Reserve, triggering a sharp sell-off in precious metals across global and Indian markets.
In the Multi Commodity Exchange (MCX), silver prices fell by more than ₹8,800 per kilogram. The metal dropped 3.51%, or ₹8,840, to trade at ₹2,42,967 per kg, slipping below the ₹2.45 lakh mark.
Gold prices also recorded a steep fall in domestic trading. MCX gold was down by ₹3,200, or 2.12%, trading at ₹1,50,616 per 10 grams.
The weakness was not limited to Indian markets. International bullion prices also came under pressure following the Fed's policy announcement. In the global market, gold prices declined by $55, or 1.28%, to $4,325.22 per ounce. Silver prices fell even further, dropping 2.53% to $68.98 per ounce.
Market analysts attribute the decline to investor reactions following the Federal Reserve's stance on interest rates, which strengthened the U.S. dollar and reduced the appeal of non-yielding assets such as gold and silver.
The sharp correction in precious metal prices has caught the attention of investors and traders, who will now closely monitor upcoming economic data and signals from the Federal Reserve for further direction.
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