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Gold, Silver Prices Plunge as US Fed Indicates Delay in Rate Cuts
SRINAGAR: Gold and silver prices witnessed a sharp decline on Friday, with the precious metal losing Rs 1,500 per 10 grams in the national capital. The sudden drop comes amid global pressure after US Federal Reserve officials indicated that a lack of updated economic data may delay further interest rate cuts, according to officials quoted by Kashmir life).
According to the All India Sarafa Association, gold of 99.5% purity fell to Rs 1,28,800 per 10 grams (including all taxes), compared to Thursday’s closing of Rs 1,30,300. Meanwhile, 99.9% pure gold settled lower at Rs 1,30,900 per 10 grams in the previous session.
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“Gold eased towards the end of the week as uncertainty grew over the Federal Reserve’s next rate cut,” said Saumil Gandhi, Senior Analyst-Commodities at HDFC Securities. He noted that many Fed officials have adopted a cautious stance due to limited economic data, largely caused by delays during the government shutdown that began on October 1.
Silver prices also took a hit, dropping sharply by Rs 4,200 to Rs 1,64,800 per kilogram (including taxes), compared to Thursday’s close of Rs 1,69,000 per kg.
In the international market, spot gold slipped by USD 33.58 — nearly 1% — to USD 4,137.88 per ounce. Spot silver also declined by 0.49%, reaching USD 52.03 per ounce.
“Gold remained under pressure after remarks from Federal Reserve officials suggested that restricted economic data could delay upcoming rate cuts, weakening the overall sentiment in bullion markets. Additionally, a stronger dollar index added further pressure,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.
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