Gold Falls ₹182 on MCX Amid Rising Crude Oil Prices
Gold prices on MCX took a hit as they opened lower on Thursday, falling by ₹182 to ₹1,53,581 per 10 grams. This move comes as rising crude oil prices have raised concerns about inflation and interest rates.
The precious metal's price has been under pressure due to these expectations, which could negatively impact demand for gold. However, its appeal as an inflation hedge remains intact in the market.
In the international market, gold was trading near $4,460 per ounce on Comex, while silver was around $68 per ounce. On MCX, gold futures were trading at ₹1,53,650 per 10 gram, down ₹113 from the previous close, and silver futures were around ₹2,43,100 per kg.
The benchmark October gold contract on MCX touched a high of ₹1,53,838 during the session but closed at ₹1,53,650. Similarly, the December silver contract on MCX hit a high of ₹2,43,581 and closed at ₹2,43,110.