Gold Prices Plummet in India Amid US Interest Rate Expectations
Gold prices in India dropped on July 24 as investors booked profits and shifted focus towards interest rate expectations in the United States. The price of 24 carat gold fell to Rs 146,320 per 10 grams in Delhi, while it declined to Rs 146,170 per 10 grams in Mumbai.
The decline was attributed to rising crude oil prices and fresh concerns over inflation, which have changed investor expectations and put pressure on precious metals. International gold prices also slipped, with spot gold trading at USD 4,042.77 per ounce in the global market.
Experts expect the US Federal Reserve to keep interest rates unchanged at its meeting on July 28 and 29, but traders are pricing in a rate hike in the September meeting, which could further weaken demand for precious metals.