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Gold Prices Plummet in India Amid Weak Global Cues and Fed Rate Hike Fears

Guavy AI Editorial Team
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Gold prices in India's capital city, New Delhi, plummeted by Rs 650 per 10 grams on Monday to reach Rs 1,60,250 due to a bearish global trend. The decline was fueled by stronger-than-expected US jobs data and expectations of a September Federal Reserve rate hike.

International spot gold prices also dropped nearly 1 percent, falling to USD 4,395.30 per ounce. In contrast, silver prices remained unchanged in Delhi at Rs 2,40,500 per kilogram for the second consecutive session.

The market is now eagerly awaiting this week's US inflation data, which could provide crucial clues on the Federal Reserve's interest-rate trajectory and its impact on the bullion outlook.

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