Gold futures tumbled to finish near two-and-half year low rate on Thursday as the investment appeal of the bullion dampened on intensified bets over more hawkish Federal Reserve amid hotter CPI data. Federal Reserve is ought to announce its next interest-rate hike on 21 September 2022. The yellow metal registered its sharpest one day decline since July 5, 2022.
Gold futures for December tumbled by $31.80 or 1.9% to $1677.30 an ounce on the Comex division of the New York Mercantile. While, spot gold declined by 0.35% or $ 5.91 to $ 1,691.41 per ounce.