Gold Prices Fall Nearly 3% Last Week

Gold prices in India witnessed a decline of nearly 3% last week, with expectations of a possible interest-rate hike by the US Federal Reserve and profit booking by investors putting pressure on the precious metal. Market observers expect the trend to continue this week, although prices may remain sensitive to global economic developments, interest-rate expectations and investor sentiment. According to the rates cited from Goodreturns, at around 6:30 AM on August 31, the price of 24-carat gold in Hyderabad stood at ₹1,58,230 per 10 grams, while 22-carat gold was priced at ₹1,45,040 per 10 grams.

Silver prices also remained high in the Hyderabad bullion market. The price of one kilogram of silver was reported at ₹2,59,900. Investors and consumers are likely to closely watch movements in global bullion prices and signals from the US Federal Reserve in the coming days. Those planning to purchase gold may therefore want to monitor daily price movements before making a decision.