Commodities
Gold Prices Plummet 8.52% as Strong Dollar and Rising Yields Weigh
Gold prices have declined by 8.52% from their monthly peak of $4,658 per ounce recorded on August 25, falling to an intraday low of $4,245.60 on September 24. This decline comes amidst rising US bond yields and a strong dollar, which has increased pressure on the precious metal.
The dollar index extended its gains to trade at 100.99 on Thursday, while Brent crude futures surged by 2.74% to $105.90 per barrel.
Jateen Trivedi, VP Research Analyst at LKP Securities, expects gold prices to range between Rs 1,48,000 and Rs 1,52,500 due to the rate outlook, dollar movement, and bond yields.