MCX gold and silver futures fall in India Wednesday
Business
Gold and silver prices just dropped big in India on Wednesday.
On the MCX, gold futures for August fell by ₹1,701 (down 1.19%) to ₹1.40 lakh per 10gm, while silver for September slipped ₹5,380 (down 2.35%) to ₹2.23 lakh per kilogram.
US Fed rate fears hit metals
This price fall is mostly thanks to global trends: gold on COMEX hit its lowest point in seven months at $3,993 an ounce and silver slid nearly 3%.
Experts say it's because the US Federal Reserve might hike rates again due to stubborn inflation.
Plus, rising oil prices and ongoing geopolitical tensions are making things more unpredictable for investors everywhere.