Gold Price Falls For 4th Day, Touches 6-Month Low, Here Is The Reason

Gold and silver prices fell yet again on September 16, 2022 as stronger dollar and prospects of big interest rate hike from the US Federal Reserve reduced the yellow metal's appeal. It is worth noting that spot gold declined 0.1% to $1,693.81 per ounce and US gold futures were down 0.3% at $1,704.4.

When it comes to price of 22 carat gold in India, it is Rs 45,800 per 10 gram as on Friday with a decline of Rs 400. The price of gold has been falling since Sept 13, 2022 and till September 16 the price of the precious metal has fallen by Rs 950.

Meanwhile, the price of 24 carat of 10 gram gold is Rs 49,960. The price of gold has touched nearly 6 months low today. Price of 22 carat gold earlier this year on 1st March, 2022 was registered at Rs 46,700 per 10 gram while the price was recorded at Rs 44,900 per 10 gram for 22 carat on February 1st, 2022.

According to Tapan Patel, Senior Analyst - Commodities, HDFC Securities, "Gold prices traded weak on Friday with spot gold prices at COMEX were trading near $1663 per ounce in the morning trade. MCX Gold October futures opened lower near Rs. 49224 per 10 gram in line with fall in COMEX gold prices. The yellow metal extended losses on hawkish FED on larger rate hike expectations. The stronger dollar index also weighed on investment sentiments in gold. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1650 and resistance at $1690 per ounce. MCX Gold October support lies at Rs. 48900 and resistance at Rs. 49800 per 10 gram."

The price of silver also fell by Rs 600 on Friday. Now 1 kg of silver will cost you Rs 56,400 in India today.

Check latest price of 10 gram gold in major cities all across India: