The trend of fall in gold prices due to expectation of interest rates hike by FED because of rising inflation and weak global cues has continued today as well.
On today September 17, 2022, the price of 24 and 22 carat gold in India has continued to drop. As of Saturday, the price of 10 gram of 24 carat gold in India is Rs 49,960, while 10 grams of 22 carat gold cost Rs 45,800.
Over the past 4 days, variations in gold prices have been seen in several major Indian cities.
The present price of 10 gram Gold in the national capital is Rs 45,800 for 22-carat in India, while 10 gram of 24 carat gold cost Rs 49,960.
Similarly,in Chennaithe price of 22-carat-Gold rate is at Rs 46,260 and Rs 50,460 of 24-carat gold. While in Bengaluru the current price of 22-carat gold is 45,850 and for 24 carat gold is 500,20.
According to commodity market experts, gold price is expected to remain range-bound with negative bias till US Fed meeting scheduled next week. They said that spot gold price is currently trading in the range of $1,640 to $1,685 per ounce levels.
Speaking on the reasons for gold price tumble, Anuj Gupta, Vice President — Research at IIFL Securities said, “Gold rates are falling globally after the disappointing US CPI data for August. Market was expecting decline in US inflation by 0.1 per cent whereas the CPI data for August witnessed jump by 0.1 per cent.