Gold Prices Plummet 3.65% Amid Rising Yields and Higher Oil
Spot gold prices declined sharply on September 29, dropping by 3.65% to just above $4,135 per ounce in early trading. US gold futures traded with a 0.08% decline to $4,165 per ounce (02:01 GMT). Despite the dip, Brent crude futures rose above $108.04 per barrel, keeping the dollar index elevated at 101.12.
The rising US 10-year yield added pressure on bullion, contributing to the decline in gold prices. In India, domestic spot gold closed the Monday (Sept. 28) session at Rs 1,47,394 per 10 grams, while silver held its price at Rs 2,23,007 per kilogram.
The MCX gold futures for the December 4 delivery closed with a decline of 0.1 percent to Rs 1,48,750 per 10 grams, and silver futures edged up 0.02 percent to Rs 2,27,390 per kilogram from its previous close.