Gold Tumbles to 10-Month Low in Delhi Amid Global Selloff - Rediff MoneyWiz

AI desk brief

Gold and silver sold off sharply, with Delhi bullion prices hitting 10-month lows as gold fell Rs 3,200 to Rs 1,42,000/10gm and silver dropped Rs 4,200 to Rs 1,86,000/kg. Globally, spot gold plunged nearly 4% to USD 3,875.55/oz and spot silver fell 6% to USD 49.12/oz, with traders citing hawkish Fed commentary, firmer energy prices, and renewed inflation fears.

The article also flags a stronger-for-longer rates backdrop, with market participants saying higher oil prices and sticky inflation revived expectations of a December Fed hike. An AI-led equity rout added forced liquidation and cash-raising pressure, while silver’s industrial exposure amplified its underperformance; one analyst also noted speculative short positioning had built ahead of the US mid-term elections.