Gold Prices Plunge 6.66% from Recent Peak Amid Rate Hike Fears

Gold prices have been falling steadily since their recent peak of $4,663.70 per ounce on August 24 in the London Bullion Market Association's PM price fixing.

The metal peaked at this level and subsequently declined by 6.66% to $4,353.15 as of September 2, according to the LBMA.

This decline is attributed to rate hike fears and geopolitical tensions that have added to inflation concerns.

The COMEX gold futures fell by 0.92% to $4,355.80 per ounce in early trading on Wednesday.

On the domestic front, MCX gold futures for the October contract slipped 1.02% to Rs 1,50,176 per 10 grams.