Gold Price In India Falls Once Again Ahead Of Key FOMC Meet: Check Latest Gold Prices

The prices of gold fell yet again on September 21, 2022 as investors globally are anticipating a possibility of a hike of 75 basis points to control the rising inflation. It will be the 5th continuous hike this year only in 2022.

According to report, spot gold remained flat at $1663.73 per ounce as of 0126 GMT. Meanwhile, bullion remained in the range of $1,653.10.

The price of 22 carat gold in India is Rs 45,800 per 10 grams after a decline of Rs 150. Meanwhile, the price of 24 carat gold in India is recorded at Rs 49,960 per 10 grams with a decline of Rs 170.

According to Tapan Patel, Senior Analyst (Commodities), HDFC Securities, "Gold prices traded steady on Wednesday with spot gold prices at COMEX were trading near $1663 per ounce in the morning trade. Gold prices kept range bound trading as market is awaiting US Fed decision over interest rate. A rate hike of 75 bps is already discounted in the market while larger rate hike will be a surprise. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1640 and resistance at $1680 per ounce. MCX Gold October support lies at Rs 48,800 and resistance at Rs 49,700 per 10 grams."

The expectations of a strong rate hike and prospects of continued aggressive policy stance going ahead have left the gold traders in distress. Adding to this, the Dollar index is also trading near to its recent highs and resilient bond yields have caused bullion prices to come under more price pressure.

Check the prices of 10 grams gold in major metropolitan cities today: