Commodities
Gold Prices Plummet Amid Rising Oil Costs and Interest Rate Hike Fears
Gold and silver prices plummeted on Monday due to rising crude oil prices fueling inflation concerns and strengthening expectations of further interest rate hikes by the US Federal Reserve.
The domestic market saw MCX silver futures for September 2026 delivery decline by Rs 6,661 to Rs 2,28,035 per kg, while gold futures for October 2026 delivery fell by Rs 3,214 to Rs 1,47,667 per 10 grams.
International markets also saw a downward trend, with spot gold dropping 1.5% to $4,223.95 per ounce and US gold futures declining 1.5% to $4,257.90 per ounce.
The precious metals market was under pressure due to the rise in crude oil prices and bond yields, which heightened inflation risks and strengthened expectations of tighter monetary policy.