Gold Rebounds to 22k‑24k Levels Across Indian Cities After Fed Move

Investors across Delhi, Mumbai, Kolkata, Bengaluru and other Indian metros witnessed gold prices climb back into the 22,000‑24,000 rupee range on September 18. The recovery followed a brief dip triggered by the U.S. Federal Reserve’s decision to raise its policy rate by a quarter of a percentage point. Spot gold in global markets rose above $4,400 per ounce, while silver surged past previous daily highs.

On the Multi Commodity Exchange, October gold futures settled near Rs 1.54 lakh per 10 grams, signaling that the market quickly absorbed the Fed’s signal. Meanwhile, December silver futures nudged up to around Rs 2.41 lakh per kilogram, reflecting a broader appetite for precious metals amidst a weakening dollar and easing oil price pressures.

Analysts note that the Fed’s rate hike typically reduces the allure of assets that do not generate income, such as gold. However, a simultaneous softening of the U.S. dollar and a pullback in Treasury yields helped reverse the initial downside. Ajay Kedia, a commodity specialist, emphasized that the global central‑bank landscape—steady rates in the UK and anticipated hikes in Japan—creates a nuanced backdrop for bullion pricing.

A separate development that may influence future price action is the government’s pending rule on digital gold. The proposal would require every digital gram to be fully backed by physical bullion, aiming to bolster investor confidence and market transparency.

In summary, the day's price swing underscores how quickly bullion markets can react to monetary policy cues, while broader macro‑economic factors such as currency strength and oil dynamics continue to play pivotal roles.