Gold falls amid US dollar strength, MCX and COMEX slide
Business
Gold prices took a hit on Thursday, thanks to a rising US dollar and shaky market vibes.
On the MCX, August gold futures dropped by ₹181 to ₹141,600 per 10gm, while October contracts fell ₹252 to ₹143,031.
Globally, COMEX gold futures for August slipped a bit to $4,031.70 per ounce.
Analysts say Fed pause pressures gold
The US Federal Reserve kept interest rates steady at 3.5% to 3.75%, which made the dollar even stronger, one big reason gold is down right now.
Analysts like Deveya Gaglani say inflation from the West Asia conflict is also pushing prices lower.
Ankita Pathak from Ionic Asset pointed out that since the Fed isn't hinting at future moves yet, there could be more tightening ahead, meaning the dollar might keep climbing and gold could stay under pressure for a while.