Commodities
India Gold Prices Slip as Crude Oil Rally Fuels Inflation Fears
Gold prices in India settled down 0.28% at Rs 150,809 as concerns about inflation and interest rates grew, driven by a rally in crude oil prices.
The recent US inflation data showed consumer prices accelerating in August, with underlying inflation recording its largest monthly increase in four months.
This has reinforced expectations of a Federal Reserve rate hike at this week's policy meeting, with markets pricing a 92% probability of a 25-basis-point increase, according to the CME FedWatch Tool.
The Bank of Japan is also expected to raise rates on Friday as persistent inflation and resilient economic growth increase expectations of further tightening by major central banks.