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Forex

Gold Prices Plummet 3% Amid Rising Oil Costs and US Rate Hike Expectations

Guavy AI Editorial Team
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USD
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Gold prices declined by nearly 3% on a weekly basis due to changes in US monetary policy and rising crude oil prices that fueled inflation concerns.

The MCX gold futures (October) rose by 0.03% on Friday, while the MCX silver futures (September) dropped by 0.07%. The price of 24-carat gold stood at Rs 1,52,815, and silver was at Rs 2,37,500.

The sharp correction in precious metals was attributed to rising Treasury yields and a stronger US dollar, which outweighed safe-haven demand.

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