Fed rate hikes and strong US greenback sent gold to multi-month lows

Gold is generally considered a safe investment during economic and political uncertainties. Last year, when the global economic situation became dire due to the Covid-19 pandemic, investors rushed into the safety of gold which saw prices rise to multi-year highs. An all-time low Indian rupee and a hike in custom duty on gold have kept domestic prices somewhat in check from a steeper fall.

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