Gold and silver prices also remained under pressure in the domestic bullion market. Gold was trading at around Rs 1.48 lakh per 10 grams, while silver prices fell to around Rs 2.26 lakh per kilogramGold and silver prices also remained under pressure in the domestic bullion market. Gold was trading at around Rs 1.48 lakh per 10 grams, while silver prices fell to around Rs 2.26 lakh per kilogramGold and silver prices fall on ComexIn the international market, both gold and silver prices continued to decline. According to Comex data, gold was down 0.05% at around USD 4,166.40 per ounce at the time of writing. Meanwhile, silver prices fell 1.13% to around USD 61.020 per ounce.
Gold and silver prices on MCXOn the Multi Commodity Exchange (MCX), October delivery gold was down by around Rs 122 at Rs 1,48,860 per 10 grams during initial trade. Meanwhile, silver prices declined by around Rs 1,400 to Rs 2,26,306 per kilogram.
According to commodity expert Ajay Kedia, “Gold prices settled sharply lower by 2.86% at Rs 1,48,897, extending selling pressure as rising oil prices heightened inflation concerns and strengthened expectations of further Federal Reserve rate hikes. The Fed recently raised its policy rate by 25 basis points to 3.75–4%, while markets are pricing a 68% probability of another hike in October.”
It is important to check rates before buyingAfter the market opened, 24-carat gold was trading at around Rs 1,47,570 per 10 grams, while 22-carat gold stood at around Rs 1,35,273 per 10 grams. Meanwhile, 18-carat gold was trading at around Rs 1,10,678 per 10 grams. Silver prices in India were around Rs 2,26,240 per kilogram.