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Commodities

Gold Prices Slump as Strong Dollar Weighs on Market

Guavy AI Editorial Team
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Gold
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Gold futures fell on Thursday, weighed down by a strong US dollar and the Federal Reserve's cautious stance on interest rates. The August delivery contract on the Multi Commodity Exchange dropped by Rs 181 to Rs 1,41,600 per 10 grams.

The October contract declined by Rs 252 to Rs 1,43,031 per 10 grams. In overseas markets, Comex gold futures for August delivery traded at $4,031.70 per ounce in New York.

Analysts point to the Federal Reserve's decision on Wednesday to keep interest rates unchanged and its commitment to maintaining ample reserves as a key factor behind the decline in gold prices.

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