Gold rates today: Fears of aggressive rate hike by Fed has led to a sharp selling pressure in bullion
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Gold prices in India extended losses of last week when they fell 0.3% in futures market today morning. On MCX, gold futures were down 0.3% to near six-month low of ₹49,237 per 10 gram. Silver futures on MCX were flat at ₹56820 per kg. The yellow metal had fallen sharply in the previous week, weighed by gains in dollar index and firm US bond yields. Last week’s hot US inflation data, combined with a strong labor market and retail sales numbers, prompted some analysts to predict a full percentage point hike by the Fed later this week. In domestic markets, gold slumped 3% or about ₹1,500 last week.
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