Gold melts under $4000 per ounce

Gold saw heavy selling as a break below $4,000 per ounce, following stronger-than-expected US inflation data this week and growing expectations of further Fed tightening. Gold is down more than 3% at $3860 per ounce. Silver lost more than 4% to break under $50 per ounce. MCX December gold futures lost 3% to Rs 135700 per 10 grams. MCX Silver plunged around 3% to Rs 178800 per kg.

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