Gold rate today: After an unexpected and disappointing US CPI data in the week gone by, gold price witnessed huge sell-off in spot and domestic markets. The US inflation in August rose higher at 8.3 per cent year-on-year (YoY) against expectation of 8.1 per cent that triggered speculation about a 100 bps interest rate hike by the US Fed in its upcoming meeting next month. On weekly basis, gold price on MCX (Multi Commodity Exchange) nosedived ₹1,187 per 10 gm (2.35 per cent) from ₹50,521 to ₹49,334 levels, hitting 6-month low on the domestic bourse. In spot market, yellow metal price hit 2-year low of $1,654 on Friday but the precious metal witnessed some relief rally and finally ended at $1,674 per ounce on the weekend session, recording weekly dip of around 2.45 per cent.
(This story has not been checked by Kashmir Bulletin and is auto-generated from other sources)