Gold prices in the international markets are once again above the $1800 mark at $1820.10, up 1.13%. This is after the Fed's outcome that came yesterday iterated that policy rate hike is still distant away. Earlier last month, the Fed suggested that it may begin to hike rates as early as 2023 after indicating that the rates shall be hiked not before 2024.
Also, on the conclusion of the Federal Reserve's meet there is suggested that the US economy is transitioning to a level where the officials may consider tapering of bond purchases Chairman Jerome Powell said that rate increases were "a ways away" and that the job market still had "some ground to cover" before the central bank begins to taper its assets weighed on the dollar.
Another factors pushing the yellow metal higher in price is the retreating 10-year US yield, which was down by 0.03% to 1.263. Also, dollar index as per marketwatch.com
Notably, while the momentum in the precious yellow metal has again picked up owing to dovish Fed stance, nonetheless as per monthly charts the gold is set to see some losing run. So, experts and analysts suggest to bet on the yellow metal in case of dips and in a staggered fashion.
Check gold rates in major metros here for 22K and 24K gold
|City||22K gold price||24K gold price|
|New Delhi||Rs. 47050||Rs. 51330|
|Chennai||Rs. 45300||Rs. 49420|
|Mumbai||Rs. 47070||Rs. 48070|
|Kolkata||Rs. 47360||Rs. 50060|