Commodities
Gold Prices Plummet in India on Hawkish Fed Statements and Rising Oil
Gold prices in India continued their downward trend on Monday, falling by Rs 1,500 per 10 grams to Rs 160,900. This marked the fourth consecutive session of decline for gold.
The drop is attributed to hawkish statements from Federal Reserve Chair Kevin Warsh and escalating oil prices, which have fueled market expectations of an imminent interest rate hike.
Rising US Treasury yields and an elevated dollar also weighed on precious metals, extending their recent correction. Increased oil prices following US-Iran military strikes are adding to inflation concerns, strengthening the case for tighter monetary policy.