New Delhi: There is pressure on gold and silver prices on Wednesday also. Rising tensions in the Middle East, rising transplanted 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 visualization of which is going to come today.
In the international market, spot gold was trading at virtually 4,288 dollars an ounce on Wednesday morning, while silver remained stable at virtually 63.67 dollars an ounce. There is circumspection 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 well-nigh 0.68 per cent to Rs 150,201 per 10 grams. At the same time, domestic spot gold was at virtually Rs 149,914 per 10 grams in evening trade.
There were fluctuations in silver moreover on Tuesday. Spot silver was trading virtually 63 dollars an ounce in the international market, while US silver futures moreover declined.
Gold Price: Municipality 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: Municipality 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. Transplanted oil prices have increased due to the ongoing tension in the Middle East. Expensive oil is raising concerns well-nigh 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 moreover putting pressure on non-interest-bearing resources like gold.
Why are vision stock-still on the Fed's visualization today?
A visualization regarding the interest rate is going to come today without the two-day meeting of the US Federal Reserve. The market is keeping an eye on this visualization and remoter 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 without the Fed's decision, the next direction of gold and silver is expected to be well-spoken in the market.
Note: Retail prices of gold and silver may vary as per city, purity, making charges and other local charges.
