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Gold & Silver Prices Tumble Amid Fed Watch
23 Oct
Summary
- Gold and silver prices experienced a significant decrease on October 22.
- Investors are awaiting the US Federal Reserve's policy meeting for interest rate cues.
- Gold prices fell over 1% in a single day and more significantly over a month.
Precious metal prices experienced a notable downturn on October 22, with both gold and silver recording significant drops in domestic markets. The price of 24K gold decreased by 1.18%, while silver saw a steeper decline of 2.29% compared to the previous day.
Internationally, spot gold fell by 1.22% and spot silver by 2.73%, indicating sustained selling pressure. This trend continues with gold prices falling 1.02% on October 21, and showing a 5.70% decrease over the past month. Silver prices have also seen a substantial monthly correction, dropping 14.52%.
The market's attention is now focused on the US Federal Reserve's policy meeting scheduled for October 27-28. The outcome of this meeting is crucial as it will influence interest rates and the US dollar, thereby impacting gold's appeal as an investment.
Retail rates for 22-karat gold and 999-purity silver in major Indian cities like Delhi, Mumbai, and Kolkata also reflect the day's price movements, with variations across locations. For instance, 22-karat gold in Kolkata was priced at ₹133,861 per 10 gm.
