Commodities
Dollar Strength Sends Gold Prices Reeling in Delhi
Gold prices plummeted in Delhi on Tuesday, dropping by Rs 1,500 to Rs 1.54 lakh per 10 grams due to a stronger dollar and hawkish comments from US Federal Reserve officials.
The price of gold had already fallen for the second consecutive session, with spot gold trading nearly 1% lower at USD 4,315.09, according to local traders.
Despite this decline, silver prices remained unchanged at Rs 2.42 lakh per kilogram.
Analysts attributed the fall in gold prices to hawkish remarks from Federal Reserve officials and a strong US dollar, which put downward pressure on precious metals.