| Gold prices drops Rs 600 to Rs 1,13,200/10 G as fed's cautious stance strengthens Dollar | | |
NEW DELHI, Sept 18: Gold prices dropped by Rs 600 to Rs 1,13,200 per 10 grams in the national capital on Thursday, tracking weak local demand and a stronger dollar after the US Federal Reserve's cautious policy stance dampened investor appetite for the precious metal.
According to the All India Sarafa Association, the yellow metal of 99.9 per cent purity had closed at Rs 1,13,800 per 10 grams.
Similarly, gold of 99.5 per cent purity also decreased by Rs 500 to Rs 1,12,800 per 10 grams (inclusive of all taxes) from Rs 1,13,300 per 10 grams in the previous session.
"Gold prices declined on Thursday following the US Federal Reserve's decision to cut interest rates by a quarter point, as expected, and its cautious stance on any further policy easing. The Fed's overall message was slightly hawkish regarding interest rates, indicating they did not strongly support aggressive rate cuts.
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