Commodities
Fed Rate Hike Weighs on Gold Prices in India
Gold prices in New Delhi fell by Rs 600 to Rs 1.55 lakh per 10 grams on Thursday, weighed down by weak domestic demand.
The yellow metal of 99.9% purity had closed at Rs 1,55,600 per 10 grams on Wednesday.
However, gold staged a recovery in global markets as Treasury yields, crude oil prices, and the dollar index pulled back slightly, according to Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities.
The US Federal Reserve raised its benchmark interest rate by 25 basis points to 3.75-4% on Wednesday, marking its first rate increase in three years.