Gold and silver prices eased on Monday, September 14, as a surge in oil prices fuelled inflation concerns and boosted expectations that the US Federal Reserve may raise interest rates at its policy meeting this week. In the domestic market, trading on the Multi Commodity Exchange (MCX) opened for the second session as the morning session was closed on account of Ganesh Chaturthi.

90% to ₹2,30,513 per kg. Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said the upcoming Fed policy decision could keep gold under pressure, with the possibility of a rate hike or hawkish commentary from the Fed chair.

The yellow metal, he said, can be seen in the range of ₹1,49,000-₹1,54,000. 52 per ounce, after posting a third consecutive weekly decline on Friday.

20. The Bank of Japan is also expected to raise rates on Friday, as persistent inflation and resilient economic growth have raised the prospect of further rate hikes by major central banks, amid rising energy prices and little sign of easing tensions in the Middle East.

Although gold is typically seen as an inflation hedge, higher interest rates tend to reduce the appeal of non-yielding bullion. Gold rates in physical marketsGold price today in DelhiStandard gold (22 carat) prices in Delhi stood at ₹14,140 per gram, while pure gold (24 carat) prices stood at ₹15,424 per gram.

Gold price today in MumbaiStandard gold (22 carat) prices in Mumbai stood at ₹11,557 per gram, while pure gold (24 carat) prices stood at ₹15,409 per gram. Gold price today in ChennaiStandard gold (22 carat) prices in Chennai stood at ₹11,895 per gram, while pure gold (24 carat) prices stood at ₹15,409 per gram.

Gold price today in HyderabadStandard gold (22 carat) prices in Hyderabad stood at ₹11,557 per gram, while pure gold (24 carat) prices stood at ₹15,409 per gram. Oil prices surge 4% Meanwhile, oil prices jumped 4% on Monday after fresh Houthi strikes on Saudi Arabia and Iranian attacks on ships in the Gulf compounded supply concerns following the closure of a key Saudi oil pipeline.

Middle East diplomacy also appeared to falter after a meeting between Iran and other Gulf states was postponed. This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser.

Gaurav and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution.