Commodities
Gold Prices Plummet Amid Profit-Taking and Strengthening Dollar
Gold prices on MCX declined by 0.57% to Rs. 1,42,413 on July 31 due to profit-taking and a stronger US dollar. The US-Iran tensions also contributed to the decline in gold prices.
The CME FedWatch Tool suggests that traders now expect a 63% chance of a September rate hike by the US Federal Reserve.
Spot gold fell 0.6% to $4,076.53 per ounce, while spot silver declined by 0.8% to $58.48 per ounce.
Tim Waterer, chief market analyst at KCM Trade, stated that gold has found support around the $4,000 level, which has attracted buyers on dips.