Gold Drops 1,000 Rupees to Five-Week Low
Gold prices in Delhi fell to a five-week low of 154,000 rupees per 10 grams. The decline reflects rising US Treasury yields and a stronger dollar.
Gold prices in Delhi dropped 1,000 rupees to 154,000 rupees per 10 grams. This marks a five-week low for the metal. The decline follows a stronger US dollar and rising Treasury yields.
Spot gold fell below 4,300 US dollars per ounce globally. The local market last traded at these levels on August 7. Silver prices remained unchanged at 234,600 rupees per kilogram.
Market Participants Price In Fed Action
Traders expect a Federal Reserve rate hike this week. The probability of this move stands at 92 percent. This would be the first hike since July 2023.
Elevated crude oil prices fuel inflation concerns. These factors reinforce expectations for tighter monetary policy. The Fed decision is scheduled for Wednesday.
Crude Oil Supply Risks Drive Prices
Saudi Arabia shut down its East-West pipeline after attacks. Millions of barrels of daily supply are at risk. This disruption pushes crude prices higher.
Global oil supplies remain tight. Higher energy costs stoke inflation fears. These dynamics pressure gold as a safe-haven asset.
Global Metals See Limited Movement
Overseas spot gold fell 22.28 US dollars per ounce. The decline represents a 0.52 percent drop. The metal settled at 4,276.52 US dollars.
Silver slipped marginally to 63.07 US dollars per ounce. Local silver prices stayed flat for two days. GN auto markets/commodities: gold prices data confirms the trend.
