Gold and Silver Prices on September 16
Spot gold prices declined 0.29 percent to hover just above $4,282 per ounce on September 16. US gold futures also fell 0.10 percent lower to $4,328.
In the domestic market, spot gold closed the Tuesday session at Rs 1,50,143 per 10 grams on MCX, while silver closed at Rs 2,27,295 per kilogram.
The decline in gold prices is attributed to escalating Middle East tensions, rising oil prices, and a stronger dollar amid the Fed's two-day policy meeting.
Silver held its price at $63.62 per ounce, unchanged from its previous close.
Domestic Market Performance
The domestic MCX gold futures for the October contract closed the session 0.06 percent down to Rs 1,50,723 per 10 grams. Silver edged 0.04 percent to Rs 2,32,036 per kilogram.
Currency and Oil Prices
The dollar strengthened for the sixth straight session against the rupee at 95.88. Brent crude oil prices hit $108 per barrel on Tuesday, contributing to the pressure on gold prices.
What This Means for Investors
The current market conditions indicate that gold prices are under pressure due to geopolitical tensions and economic factors. Investors should keep an eye on the Fed's policy meeting and developments in the Middle East for future market movements.