Gold futures slip to ₹1.50L per 10g, silver ₹2.32L/kg
Gold and silver prices took another hit this Wednesday, with gold futures on MCX slipping 1.06% to ₹1.50 lakh per 10gm and silver falling 1.38% to ₹2.32 lakh per kg.
If you're tracking investments or just curious about market moves, it's a good time to note these numbers.
Fed's 68% hike odds hit bullion
Most of the drop comes from expectations that the US Federal Reserve will hike interest rates soon (a 68% chance according to the CME FedWatch Tool).
Higher rates make gold and silver less appealing compared to other investments.
Plus, the US dollar is at a two-week high, making bullion pricier for buyers outside America.
Add in rising oil prices and global uncertainty from U.S.-Iran tensions, and it's clear why precious metals are feeling the pressure.
US jobs report may influence metals
Keep an eye out for Friday's US labor market report; analysts say it could influence future Fed decisions and shake up gold and silver prices even more.