Commodities
Gold Prices Plummet as US Inflation and Fed Hawkishness Take Hold
Gold prices experienced a significant decline last week, plummeting nearly 1.86% as markets absorbed higher-than-expected inflation data and US Federal Reserve Chair Kevin Warsh's hawkish debut speech at the Jackson Hole symposium.
The price of gold futures expiring in October on the MCX dropped 1.63%, while silver futures for September shed 1.66%. Gold futures stood at Rs 1,56,400, with silver futures at Rs 2,36,651 per kg.
On Friday, the price of 10 grams of 24-carat gold was at Rs 1,59,578, down from Rs 1,62,603 seen on Monday's market opening, according to data published by the India Bullion and Jewellers Association (IBJA).