Gold Prices Plummet as Brent Crude Rises Above $108 Per Barrel

Spot gold prices plummeted on September 29, dropping by 3.65% to hover just above $4,135 per ounce in early trading sessions. US gold futures also declined by 0.08%, settling at $4,165 per ounce.

The decline in gold prices comes as Brent crude futures rose above $108.04 per barrel on the same day, keeping the dollar index elevated at 101.12. Additionally, the rising US 10-year yield added pressure on bullion.

In India, domestic spot gold closed the previous session at Rs 1,47,394 per 10 grams, while silver held its price at Rs 2,23,007 per kilogram. MCX gold futures for the December 4 delivery also closed with a decline of 0.1%, settling at Rs 1,48,750 per 10 grams.