Gold Prices Plummet Amid Crude Oil Surge and Stronger Dollar

Gold prices in India fell by Rs 500 to Rs 1,55,400 per 10 grams on Monday due to increased crude oil prices and a stronger US dollar. The decline was also influenced by a sell-off in global markets.

In international markets, spot gold dropped USD 57.22, or 1.3%, to USD 4,291.71 per ounce, while silver declined nearly 3% to USD 62.82.

Akshat Siddhant, Lead Quant Analyst at investment platform Mudrex, stated that investors factored in a probable Federal Reserve rate hike, leading to the decline in gold and silver prices.

The surge in crude oil prices has intensified inflation concerns, putting additional pressure on demand for gold and silver, said Siddhant. Crude oil prices climbed to USD 103 a barrel, a fresh four-month high, after Saudi Arabia shut its East-West pipeline following drone attacks.