Commodities
Gold Prices Plummet Amid Hawkish Fed Signals and US Inflation Data
Gold prices declined by nearly 1.86 per cent on Friday after markets reacted to higher-than-expected US inflation data and Federal Reserve Chair Kevin Warsh's hawkish remarks at the Jackson Hole symposium.
The MCX gold futures for October delivery dropped 1.63 per cent, while September silver futures fell 1.66 per cent. Gold futures stood at Rs 1,56,400, with silver priced at Rs 2,36,651 per kg.
The drop in gold prices came after a strong surge earlier in the week, driven by concerns over currency debasement and US Treasury support for long-dated bonds.