Commodities
Gold Prices Plummet Over Rs 3,000 on Rising Oil Prices and Higher Yields
Gold prices on the Multi Commodity Exchange (MCX) fell by over Rs 3,000 per 10 grams to below Rs 1.50 lakh on September 28.
The decline came as international gold prices weakened due to rising crude oil prices, higher US Treasury yields, and growing expectations that the US Federal Reserve may keep interest rates higher for longer.
Renewed geopolitical uncertainty surrounding the US-Iran conflict also added to market volatility, pushing oil prices higher and raising concerns about inflation.
The October gold futures contract on MCX was trading at Rs 1,47,989 per 10 grams, down 1.92% from its previous close of Rs 1,50,881.