Commodities
Fed Rate Hike Bets Weigh Heavily on Gold Prices
Gold prices have slipped at the start of the week as investors prepare for a potential Federal Reserve rate hike. The US inflation data released on Friday showed hotter-than-expected numbers, reinforcing bets on a Fed rate increase.
The market now sees nearly an 88 per cent probability of a September rate hike, which would be the Fed's first in three years.
On the domestic front, trading on the Multi Commodity Exchange (MCX) will remain closed during the morning session for Ganesh Chaturthi. However, gold and silver futures will still be active between 5 pm and 11:30 pm.
The MCX gold futures expiring in October stood at ₹1,52,655, while silver futures for September delivery were quoted at ₹2,34,886 per kg.