Commodities
Gold Prices Plummet Amid US Fed Rate Hike Fears and Crude Oil Surge
Gold prices declined by almost 2% on a weekly basis due to elevated crude oil prices and rising expectations of a Federal Reserve rate hike, pushing investors away from precious metals.
The MCX gold futures expiring in October dropped 0.08%, while the MCX silver futures (September) shed 0.04%. The price of 24-carat gold was at Rs 1,51,938 per 10 grams on Friday, down from Rs 1,54,884 seen last Friday.
The increased inflation concerns due to crude oil prices led to higher expectations of a Federal Reserve rate hike. This heightened pressure on precious metals drove gold and silver to their third consecutive weekly declines, despite staging a notable rebound on Friday.