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Gold Price Crashes To 7 Month Low, Silver Falls By Rs 1700 In 2 Days: Reasons Explained
The prices of gold in India on September 24 witnessed another dip of Rs 500 to settle at Rs 46,000 per 10 grams for 22 carat while the prices of 24 carat gold registered a decline of Rs 530 at Rs 50,200 per 10 grams. Festival season is approaching fast in India and the demand for gold rises during this season. Experts believe that gold may retain its shine during festival season.
Gold prices have been under constant pressure for some time in India as US Federal Reserves indicated of more interest hikes to tame inflation. Earlier this week on Wednesday, US Federal hiked key interest rates by 75 basis points to control the mounting inflation.
The prices of gold have now almost hit the 7 months low. The price of 22 carat gold was registered at Rs 47,250 on February 24, 2022 and now the yellow metal price is Rs 46000 per 10 grams for 22 carat. The price of 24 carat gold was registered at Rs 51,550 per 10 grams on February 24 and today the price of 24 carat gold is registered at Rs 50,200 per 10 grams.
When it comes to silver, the price has fallen by Rs 1700 in a span of just 2 days. Silver price fell by Rs 1200 per kg on September 23, 2022 at Rs 56,800 while silver price declined by Rs 500 today to close at Rs 56,300 per kg in India.
According to Hareesh V, head of commodities at Geojit Financial Services, "Gold prices remain under pressure on expectations of more interest rate hikes from the US Federal Reserve and a strong US greenback. However, on the domestic side, a weak Indian rupee and steady physical demand are likely to offer downside support to prices. A possible rise in demand ahead of the key festive and wedding season, which fall next month, is likely to restore some of the shine to Indian gold."
Meanwhile, as per the opinion of Madhavi Mehta, assistant vice-president of commodity research, Kotak Securities, "Gold is struggling for direction as the US Federal Reserve's aggressive monetary tightening stance has kept the US dollar propped up, while China's economic struggle has dented consumer demand, and ETF (exchange-traded fund) investors have continued to move out amid tightening liquidity and bleak outlook."
