Gold Prices Climb on MCX Amid Decline in Brent Crude and US Dollar
The price of gold on MCX rose by 0.16% to Rs. 1,63,146 per 10 grams on August 26 due to a decline in Brent crude prices and a decrease in the US dollar ahead of the US Personal Consumption Expenditures (PCE) price index data.
The September gold futures also advanced by 0.45% to Rs. 2,45,231 per kilogram, while September silver futures rose by 0.16% to Rs. 1,63,146 per 10 grams. Meanwhile, Brent crude prices fell by 2.64% to USD 86.24 per barrel and WTI declined by 2.54% to USD 80.27 per barrel.
Financial markets strategists at Exness stated that the most supportive outcome for gold would be softer-than-expected inflation combined with a dovish or balanced message from the Federal Reserve, which would lead to lower real yields and reduce the opportunity cost of holding non-yielding assets.