HomeLatest NewsA look at gold prices after the US Federal Reserve revised rates

A look at gold prices after the US Federal Reserve revised rates

The US Federal Reserve jumped to a 15-year high in efforts to control inflation and raised interest rates by 0.75 percentage points. With a 75-basis point increase, precious metal prices in India fell.

That being said the cost of borrowing is going to go up.

On the MCX (Multi Commodity Exchange), gold futures fell 0.25 percent, the lowest in seven months, to Rs 49,321 per 10 grams. On the other hand, silver prices fell by 0.4 percent to Rs 57,059 per kg. The price of the yellow metal fell by one percent in the international market. Spot gold fell to $1656.97 an ounce as of 0114GMT.

US Federal Reserve Chairman Jerome Powell said rate revisions were crucial to “slowing demand”, the BBC reported.

“We have to get inflation behind us,” he said. “I wish there was a painless way to do it. There isn’t,” he added.

He added, “What has become clear is that if inflation is allowed to remain high for a sustained period. or pushing the economy into recession, [central bank leaders] Rather, it will push the economy into recession and bring inflation back to target.”

Precious metals, including gold, recorded little change ahead of the US Federal Reserve’s policy meeting. In India, the yellow metal price for 24-carat gold rose to Rs 50,300 per 10 grams, while 22-carat gold was retailing at Rs 46,110 per 10 grams. Silver price is Rs 56,600 per kg.

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