India, July 23 -- Gold prices have tumbled on Thursday as the Middle East crisis deepens after Iran-backed Houthi militants of Yemen attacked two Saudi Arabian vessels in the Red Sea, raising concerns of intense oil supply disruption for an extended period. The possibility of an interest rate hike by the U.S. Federal Reserve also weighed on gold prices.
Front Month Comex Gold for August month delivery has slumped by $101.60 (or 2.45%) to $4,050.30 per troy ounce.
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