Gold dropped to its lowest level in a year as elevated oil prices raise inflationary concerns while traders sold the precious metal amid a global tech-stock rout.
On Friday, Spot gold fell much as 3.05% to $3,898.54 an ounce, the lowest since Oct. 30 last year, while silver tanked 5.55% to $49.27. Bullion prices in India dipped too, with MCX gold November futures contract declined 2.98% or Rs 4,206 to Rs 1,36,762 per 10 grams, while MCX silver December futures contract tumbled 5.27% or Rs 9,976 to Rs 1,79,477 per kg.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
The decline in precious metals come amid ongoing tech selloff, while the possibility of renewed US military action against Iran pushed Brent crude to its highest since April, an inflationary pressure that has forced investors to redraw their expectations for interest rates.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
Gold has lost nearly 6% in October amid worries over renewed fighting in the Middle East keep energy prices elevated. Silver tumbled more than 5% to $49.48 an ounce, resulting in a monthly decline of more than 17%, Bloomberg reported.
(This is a developing story.)
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
