Commodities
Gold Prices Plummet to ₹1.5 Lakh Amid Dollar Strength
Gold futures continued their downward trend for a fourth consecutive session on Thursday, losing Rs 833 to Rs 1.5 lakh per 10 grams due to a strengthening US dollar and bearish global market sentiment.
The Multi Commodity Exchange (MCX) gold futures for October delivery fell by Rs 833, or 0.55 percent, to Rs 1,50,466 per 10 grams.
Aamir Makda, Commodity & Currency Analyst - Technical Research at Choice Broking, attributed the decline in MCX gold to a stronger US dollar and Treasury yields.
The pressure on gold intensified after stronger-than-expected US private sector employment data raised inflation concerns and strengthened expectations of further interest rate hikes by the Federal Reserve, Makda said.