Commodities
Gold Price Tumbles on MCX Amid Weak Global Cues and Rate Hike Expectations
The price of gold on MCX fell by 0.19% to Rs. 1,52,472 per 10 grams due to weak global cues and neutral spot demand after strong US jobs data indicated expectations of interest rate hikes by the Federal Reserve.
October gold futures declined while September silver futures dropped 0.14% to Rs. 2,37,314. Meanwhile, Brent crude futures rose 0.88% to USD 97.13 per barrel and WTI edged higher by 0.95% to USD 92.35 per barrel.
Market analysts expect a rate hike in September with a probability of 58.4%. Domestic gold prices also fell, with 24K gold declining by Rs. 65 to Rs. 1,54,150 and 22K gold falling by Rs. 60 to Rs. 1,41,300.