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Gold prices slump as dollar gains after Fed hikes rates by 75 bps

Gold prices slump as dollar gains after Fed hikes rates by 75 bps

Gold prices slump as dollar gains after Fed hikes rates by 75 bps
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By CNBCTV18.com Nov 3, 2022 11:52:46 AM IST (Published)

Gold prices today, November 3: On MCX, yellow metal rates were down nearly 0.5 percent to touch Rs 50,331 per 10 grams.

Domestic gold rates slumped on Thursday as the dollar gained a day after The Federal Reserve pumped up its benchmark interest rate on Wednesday by three-quarters of a point for a fourth straight time.

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On MCX, yellow metal rates were down nearly 0.5 percent to touch Rs 50,331 per 10 grams. Meanwhile, Silver rates also saw a decline by 1.05 percent at Rs 58,175. Globally, Spot gold was little changed at $1,637.20 per ounce by 0415 GMT, after falling 0.8 percent on Wednesday.
The drop in metal rates was supported by a higher dollar. Around 11 am on Thursday, US Dollar Index Futures was reeling 111.815 after gaining 0.5 percent. With this, the rupee fell 10 paise from its previous close to 82.88 vs dollar on Thursday.
Meanwhile, crude oil prices also declined following Fed's hawkish stance. However, supply concerns kept the downfall under check. Brent crude futures fell 0.5 percent to $95.6 per barrel at the last count. WTI futures were last trading 0.6 percent lower at $89.5 per barrel.
Besides, Indian equity benchmarks BSE Sensex and NSE Nifty50 traded in the red on Thursday, tracking weak global as Fed spooked global markets.
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