“Gold, Silver Prices Drop Ahead of Fed Policy (Dec 16)”
Gold prices have fallen in major Indian cities as investors wait for the US Federal Reserve’s policy decision. On Saturday, gold prices dropped by ₹1,570 per 10 grams, with global gold prices falling more than 1%. This was due to expectations that the US Federal Reserve might not adopt a dovish approach. The rise in US bond yields also affected gold’s appeal.
In early Asian trade, spot gold was slightly up, trading at $2,652 an ounce.
Gold Prices in Major Indian Cities (Dec 16, 2024):
- Delhi: ₹78,030 (24K), ₹71,540 (22K)
- Mumbai: ₹77,880 (24K), ₹71,390 (22K)
- Chennai, Kolkata: ₹77,880 (24K), ₹71,390 (22K)
Silver Prices in Major Cities: Silver prices also fell by ₹100 to ₹92,400 per kg due to weak local demand. The metal had a sharp decline of ₹4,100 per kg on Saturday as stronger US dollar and bond yields hurt silver’s appeal.
Silver Prices Today (Dec 16, 2024):
- Delhi, Mumbai, Kolkata: ₹92,400
- Chennai: ₹99,100
Weekly Comparison: Gold and silver prices have both dropped this week, as investors are cautious before the US Fed’s upcoming policy decision.
Price Comparison (Dec 10-16, 2024):
- Dec 16: 22K Gold ₹71,390, 24K Gold ₹77,880, Silver ₹92,400
- Dec 14: 22K Gold ₹71,400, 24K Gold ₹77,890, Silver ₹92,500
- Dec 13: 22K Gold ₹72,840, 24K Gold ₹79,460, Silver ₹96,600
- Dec 12: 22K Gold ₹72,860, 24K Gold ₹79,480, Silver ₹95,400
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