Gold Prices Plummet to Near Eight-Week Low Amid Rising US Interest Rates

Gold prices have plummeted to an almost eight-week low of $4,150 per ounce, representing a 3% decline in the past 24 hours. The sharp drop is attributed to rising US interest rates and inflation fears.

The US gold futures for December delivery were trading 3.03% lower at $4,190.20 per ounce, while Brent crude futures rose above $108.04 per barrel due to US-Iran tensions.

According to Jateen Trivedi, VP Research Analyst at LKP Securities, 'uncertainty around the US-Iran conflict continues to keep risk sentiment volatile.' He added that recent diplomatic efforts have produced mixed signals, with Iran indicating readiness for both negotiations and renewed conflict.