- Gold prices fell after hitting a record $3,707.57 per ounce on Wednesday
- India's gold price was Rs 1,10,330 per 10 gm on Thursday, down from Rs 1,10,620
- The US Fed cut rates by 25 bps to 4%-4.25%, signalling more cuts in 2025
Gold prices slipped lower on Sept. 18 with the US Federal Reserve meeting, after hitting a fresh record high of $3,707.57 on Wednesday.
In India, the prices were at Rs 1,10,330 per 10 gm on Thursday, according to the India Bullion Association. The price was Rs 1,10,620 the previous day.
Gold recently crossed the Rs 1,10,000 mark on Sept. 15, and the possible rate cut from the Fed had drove the rally. The Fed resumes its rate-cut cycle after nine months, lowering benchmark rates by 25 bps to 4%–4.25%. Median projections suggest another 50 bps cut in 2025.
Policy is moving towards neutral, balancing inflation risks and growth concerns. In the labour segment, hiring has slowed, labor demand softening with much of the slowdown tied to a shrinking labour force.
Experts advise caution for new buyers despite the bullish sentiment. Amit Gupta from Kedia Advisory warns that the current risk-reward ratio is unfavourable, as prices have already surged by nearly 50% year-on-year. He suggests that a correction of 5% to 7% is a possibility.
Gold Prices In Delhi, Mumbai, Bangalore, Chennai
In New Delhi, the price stood at Rs 1,09,940 per 10 gm, and in Mumbai, it stood at Rs 1,10,130 on Thursday.
In Bengaluru, the rate stood at Rs 1,10,220, while in Kolkata, it was Rs 1,09,990 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,10,450 per 10 gm.
The spot gold price was trading at $3,662 an ounce, according to the World Gold Council. Spot gold briefly hit a fresh record high of $3,707.57 an ounce following the Federal Reserve's latest policy decision.
The Oct. 3 futures for the yellow metal were trading higher at Rs 1,09,840, according to the Multi Commodity Exchange.
Silver Price
The precious metal's price rose to Rs 1,26,770 per kilogram, according to the India Bullion Association. That is compared with Rs 1,28,640 per kg on Wednesday.
Oct. 5 futures for silver were trading lower at Rs 1,26,842, according to the Multi Commodity Exchange.
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