Indian gold August futures hit 3-month low at ₹144,695
Gold prices in India have slipped to their lowest point in three months, with August futures falling by ₹1,834 to ₹144,695 per 10gm on Wednesday.
If you've been tracking gold for savings or jewelry plans, this is the lowest since March.
Analysts blame stronger dollar, Federal Reserve
Analysts say the drop is mostly thanks to a stronger US dollar and expectations that US interest rates might go up soon.
The Federal Reserve's tough stance has pushed up Treasury yields and made gold less attractive.
With the US dollar index crossing 101, gold took another hit.
Everyone's now watching Thursday's US inflation numbers for clues about what happens next with global markets and precious metals.
Global gold falls below $4,100
It's not just India: gold prices worldwide also fell below $4,100 per ounce for the first time since last October.
Uncertainty around US monetary policy and tech stock corrections are adding to the mix, so this isn't just a local story. It's affecting investors everywhere.