27-Sep-2023
2 mins read
Gold prices experience a decline as the US dollar strengthens due to the ongoing higher-for-longer interest rate scenario. Markets in India reflect a similar downtrend.
US Market Overview
- Spot Gold: Spot gold trades close to its weakest levels in the past month, registering a low of $1,900.49 an ounce.
- US Gold Futures: Eased by 0.1% and are now valued at $1,918.20, matching their lowest in the previous month.
World’s Largest Gold ETF The holdings of SPDR Gold Trust, the leading gold-backed exchange-traded fund, have decreased by 0.4% as of September 26.
Other Precious Metals
- Spot Silver: Experienced a 0.6% decline, now priced at $22.72 per ounce.
- Platinum: Dipped by 0.2%, currently trading at $901.95.
- Palladium: Bucked the trend by gaining 0.2%, priced at $1,226.32.
Indian Market Overview
| Metal | Price Dip | 10 Grams Price (INR) | Cities at Same Rate |
| 24-carat Gold | ₹220 | ₹59,730 | Mumbai, Kolkata, Hyderabad |
| 22-carat Gold | ₹200 | ₹54,750 | Mumbai, Kolkata, Hyderabad |
City-Wise Pricing for 10 Grams:
| City | 24-carat Gold (INR) | 22-carat Gold (INR) |
| Delhi | ₹59,880 | ₹54,900 |
| Bengaluru | ₹59,730 | ₹54,750 |
| Chennai | ₹60,050 | ₹55,050 |
In summary, the gold market is experiencing pressure, largely attributed to the strength of the US dollar amidst a prolonged high-interest rate environment. With SPDR Gold Trust’s holdings on a decline and the global and Indian markets reflecting a downtrend, investors are keeping a close eye on the evolving economic landscape.