Gold Price Slides Amid Rising Oil and Strong Dollar
The price of gold remained weak on September 15, as traders kept a close eye on several factors. Higher crude oil prices and a stronger US dollar contributed to this trend, with Brent crude surpassing $108 per barrel due to escalating tensions in the Middle East.
This situation is concerning for investors, particularly those who focus on inflation concerns, as rising oil prices can fuel worries about inflation rates.
In India, gold futures on the Multi Commodity Exchange (MCX) rose slightly to around ₹1,51,304 per 10 grams. However, domestically spot gold prices were at ₹1,51,549 per 10 grams.
The price of silver also saw a decline in MCX futures, closing at ₹2,32,750 per kg on Monday. The latest retail benchmark for 999-fine silver was around ₹2,32,570 per kg on Tuesday morning.