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Commodities

Gold Prices Plummet 5-Week Low Amid Fed Hike Fears

Guavy AI Editorial Team
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Gold prices in India plummeted to a five-week low on Tuesday, driven by weak global trends and a strong US dollar. The price of gold dropped Rs 1,000 to Rs 1.54 lakh per 10 grams in Delhi, marking the lowest point since August 7.

The decline is attributed to the rising crude oil prices and expectations of a Federal Reserve rate hike, which are fueling inflation concerns. Market participants are now pricing in a 92% chance of a Fed rate hike this week, the first since July 2023.

According to Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, 'Gold edged lower on Tuesday amid weak global cues, with spot gold slipping below USD 4,300 an ounce and trading near a one-month low.'

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