Gold Prices Plummet Amid Geopolitical Tensions and Strong US Jobs Data
Bullion prices declined on September 9 amid renewed geopolitical tensions in the Middle East and stronger-than-expected US jobs data.
The tensions kept oil prices elevated, with Brent futures trading above 2 percent to around $99 a barrel, while US West Texas Intermediate crude gained almost 3 percent to about $94.
This pushed the US dollar up against the rupee, reaching $94.74. Higher oil prices may weigh on global gold, but a weaker rupee can support domestic gold prices by making imports costlier.