Commodities
Gold Prices Plummet in India Amid Dollar Strength and Hawkish Fed
Gold prices in India fell by Rs 914 to Rs 1.52 lakh per 10 grams on Tuesday, as the dollar strengthened and the US Federal Reserve signaled further interest rate hikes.
The Multi Commodity Exchange (MCX) saw gold futures for October delivery open at a high of Rs 1,53,497 per 10 grams but later drop to Rs 1,52,180 per 10 grams due to hawkish comments from the Federal Reserve.
Pinky Yadav, Commodity Fundamental Analyst at Choice Broking, attributed the decline in gold prices to the dollar index strengthening to around 100.3 following the Fed's comments.
In global markets, Comex gold futures for the December contract fell by USD 28.45 to USD 4,355.45 per ounce in New York as investors awaited further clues on the central bank's monetary policy.