Indian Gold Prices Plummet Amid Global Bearish Trends
Gold prices in India's national capital, New Delhi, began the week on a weak note, falling Rs 650 to Rs 1,60,250 per 10 grams. This decline comes as global gold markets also saw bearish trends. According to local traders, silver remained unchanged at Rs 2,40,500 per kilogram for the second straight session.
The drop in gold prices is attributed to stronger-than-expected US jobs data, which increased expectations of a September Federal Reserve rate hike. Markets are now awaiting key US inflation readings due later this week, which could offer fresh clues on the Fed's interest-rate trajectory and its effect on bullion outlook.
Gaurav Garg, Head of Research at brokerage platform Lemonn, stated that 'Gold remained under pressure after stronger-than-expected US jobs data increased expectations of a September Fed rate hike.'