Gold Prices Plummet 1.44% as Dollar Index Nears 101
Gold prices declined by 1.44% to $4,300 per ounce on September 23, as the dollar index neared 101 and profit booking weighed on bullion.
US gold futures for December delivery fell 0.78%, while domestic spot gold closed at Rs 1,51,415 per 10 grams. MCX gold futures for October delivery declined 0.62% to Rs 1,51,775 per 10 grams.
Jateen Trivedi, VP Research Analyst at LKP Securities, attributed the decline in gold prices to profit booking from higher levels near $4,365 and the rising dollar index. He noted that the range for gold could be between Rs 1,50,000 and Rs 1,53,500.
The Augmont Bullion report stated that precious metals slipped on Wednesday as traders priced in the growing likelihood of major central banks holding rates higher for longer to combat sticky inflation. China's demand story continued to strengthen, with gold imports through August topping 1,000 tons.