Commodities
Gold Prices Plunge Amid US Federal Reserve Rate Hike Concerns
Gold prices declined nearly 2% this week due to concerns over a potential US Federal Reserve rate hike. This move has pushed investors away from precious metals, causing gold and silver prices to dip.
On Friday, MCX gold futures expiring in October fell by 0.08%, while MCX silver futures (September) shed 0.04%. The current price of MCX Gold is Rs 1,52,655, with silver standing at Rs 2,34,886 per kg on the commodity exchange.
The fall in gold prices can be attributed to rising expectations of a Federal Reserve rate hike, which has led to increased crude oil prices. This combination of factors has made investors wary of precious metals and shift their attention elsewhere.