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Gold and Silver Retail Rates Rise After Fed Rate Hike
Gold and silver prices were being watched after the US Federal Reserve raised interest rates.
The increase was 25 basis points, bringing the target range to 3.75%-4%.
Global gold prices recovered after falling sharply the day before.
In India, prices also depend on the rupee, the US dollar, and local market conditions.
On September 17, 24-carat gold cost ₹1,53,600 per 10 grams in the reported retail market.
Twenty-two-carat gold cost ₹1,40,800 per 10 grams.
Silver 999 Fine cost ₹2,35,140 per kilogram.
Jewellery buyers may pay extra for making charges, taxes, and GST.
Over the previous year, silver increased more than gold according to the cited data.
The Federal Reserve raised its benchmark interest rate by 25 basis points to a target range of 3.75%-4%.
On September 17, 24-carat gold was priced at ₹1,53,600 per 10 grams and 22-carat gold at ₹1,40,800 per 10 grams in the retail market.
Silver 999 Fine was priced at ₹2,35,140 per kilogram before taxes and other charges.
City-level 24-carat gold prices ranged from ₹1,53,060 per 10 grams in New Delhi to ₹1,53,770 in Chennai.
Over the past year, 24K gold gained 39.22%, while silver rose 85.49%, according to Bullions data.
- Who
- The US Federal Reserve, investors, bullion markets, and Indian retail buyers were involved in or affected by the price developments.
- What
- The Federal Reserve raised interest rates, while gold and silver prices recovered globally and retail rates were reported across Indian cities.
- Where
- The retail prices were reported in India, including New Delhi, Mumbai, Kolkata, Bengaluru, Hyderabad, and Chennai.
- When
- September 17; the article describes the market as Thursday and compares returns over the previous year.
- Why
- Precious-metal prices were influenced by the Federal Reserve decision, the US dollar, Treasury yields, geopolitical developments, the rupee-dollar exchange rate, and local market conditions.
Key facts
- Fed target range
- 3.75%-4% after a 25-basis-point increase
- Reported 24K gold rate
- ₹1,53,600 per 10 grams
- Reported 22K gold rate
- ₹1,40,800 per 10 grams
- Reported silver rate
- ₹2,35,140 per kilogram for Silver 999 Fine
- Highest listed 24K city rate
- ₹1,53,770 per 10 grams in Chennai
- Lowest listed 24K city rate
- ₹1,53,060 per 10 grams in New Delhi
- One-year gold return
- 39.22% for 24K gold
- One-year silver return
- 85.49%
Sources
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