Gold Falls on MCX Amid Inflation Concerns
Gold and silver futures were trading on MCX amidst inflation concerns. Rising crude oil prices have raised expectations of higher interest rates, which may weigh on gold. However, demand for gold as an inflation hedge has remained firm.
On the Multi Commodity Exchange (MCX), gold futures opened lower at ₹1,52,180 per 10 gram, down ₹399 from the previous close of ₹1,52,579. The contract touched a high of ₹1,52,400 and a low of ₹1,52,101 during the session.
Silver futures, on the other hand, opened higher at ₹2,39,620 per kg, up ₹193 from the previous close of ₹2,39,427. The contract touched a high of ₹2,39,765 and a low of ₹2,39,081 during the session.
In the international market, gold and silver futures were trading lower. Gold prices on Comex had risen sharply in August, supported by higher investment and hedging demand, along with continued buying by central banks, including China's central bank.