India, July 16 -- Gold prices have slumped on Thursday as concerns of inflation rose after the recently renewed U.S.-Iran conflict deepened, with leaders of both nations adopting a tough stance. In addition, expectations of tighter monetary policy by the U.S. Federal Reserve following an unexpected fall in the U.S. jobless claims weighed on gold prices.
Front Month Comex Gold for August month delivery has tumbled by $59.90 (or 1.48%) to $3,991.90 per troy ounce.
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