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Gold prices dropped sharply on Monday, tracking higher US treasury yields which dented demand for the yellow metal. Markets are expecting a big interest rate hike by the Federal Reserve to contain rising inflation.
The US central bank’s Federal Open Market Committee is scheduled to begin its two-day meeting on interest rates on May 3 and announce its decision the next day.However, the safe haven bullion is likely to log its biggest monthly drop since September on bets for aggressive interest rate hikes by the Federal Reserve.Gold futures on MCX dropped 0.88 per cent or Rs 454 down at Rs 51,300 per 10 grams. However, silver futures were trading lower by 1.65 per cent or Rs 1,059 at Rs 63 ..Click Here:- Join For More Beneficial Tips