Commodities
Gold Prices Plummet on Stronger US Inflation Expectations
Gold prices declined by 0.92% to Rs1,52,341 due to stronger-than-expected US producer inflation, which increased expectations of a tighter Federal Reserve policy next week.
The August US PPI rose 0.4%, while annual producer inflation accelerated to 5.4%, exceeding the forecast of 5.3%. Rising oil prices amid escalating US-Iran strikes in the Middle East further strengthened inflation concerns.
Despite this, Indian demand for gold improved as lower prices encouraged buying, narrowing dealer discounts to as much as $54 per ounce from $135 last week.