Today is a crucial day for the commodity market. Late last night, the US Federal Reserve raised interest rates by 25 basis points—the first such hike since 2023—pushing the target range from 3.75% to 4%. This decision, taken during the September 15–16 FOMC meeting, comes amidst persistently high inflation. In August, US consumer inflation stood at 3.4% year-on-year, significantly above the Fed's 2% target. Consequently, prices of gold and silver have fallen in the international market today, September 17.

**Price Drop in International Markets**
There has been a sharp decline in the prices of both gold and silver in the international market (Comex). According to Comex data, at the time of writing, gold had fallen by 1.47%, with the price reaching $4,322.80 per ounce. Meanwhile, silver prices dropped by 1.69%, trading at $63.820 per ounce.

**What is the Situation in the Domestic Market?**
Prices of both gold and silver have also seen a significant drop in the domestic bullion market. On the MCX, gold was seen trading at around ₹1.50 lakh per 10 grams. Similarly, silver prices in India fell, trading at approximately ₹2.32 lakh per kilogram.

**What are the Prices on MCX?**
On the Multi Commodity Exchange (MCX), gold for October delivery fell by ₹1,533, trading at ₹1,50,937 per 10 grams at the time of writing. Silver prices dropped by ₹2,386, reaching ₹2,32,400 per kilogram.

Latest Bullion Market Rates
Following the hike in interest rates, gold and silver prices in India have plummeted sharply right at the market opening today. Consequently, 24-carat gold is trading at approximately ₹1,51,580 per 10 grams, while 22-carat gold is hovering around ₹1,39,948 per 10 grams. Meanwhile, 18-carat gold is trending near ₹1,13,685 per 10 grams. Silver prices in India were seen trading at around ₹2,32,260 per kilogram.

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