Commodities
Gold Prices Slump on Higher US Inflation Expectations
Gold prices slipped on Monday after US inflation data showed higher-than-expected growth, increasing the likelihood of a Federal Reserve interest rate hike later this week.
The core consumer price index in the US surged by 0.3% from last month, with underlying inflation edging up in August, according to data released on Friday.
Gold futures expiring October stood at Rs 1,52,655 on MCX, while silver futures for September delivery were at Rs 2,34,886 per kg.
The heightened inflation concerns due to the crude oil price rally have increased expectations of a Federal Reserve rate hike, with traders pricing in nearly 88% chance of a Fed rate hike in September.