Forex
Indian Gold Prices Plummet by Rs 1,500 on Hawkish Fed and Rising Oil
Gold prices in India continued their downward trend on Monday, falling by Rs 1,500 to Rs 160,900 per 10 grams. This marks the fourth consecutive session of decline for gold prices in the national capital.
The decline is attributed to hawkish statements from Federal Reserve Chair Kevin Warsh at the Jackson Hole Symposium, which increased expectations of a September interest rate hike. Rising US Treasury yields and an elevated dollar further pressured precious metals, extending their recent correction.
Increased oil prices following US-Iran military strikes are adding to inflation concerns, strengthening the case for tighter monetary policy. Globally, spot gold traded marginally lower at $4,448.56 per ounce, while silver gained nearly 1%.