Gold Prices Ease on Firm Dollar, Higher Rate Hike Odds

The price of gold on MCX for the October contract was trading near Rs 1,53,200 per 10 grams on Tuesday, with an intraday range around Rs 1,52,900 to Rs 1,54,150. Spot gold eased to around $4,349 an ounce internationally.

The US dollar held firm near its strongest level of the week and the CME FedWatch tool showed a higher probability of a rate hike than the prior session, reducing the appeal of non-yielding metals like gold.

Univest's research desk is tracking global cues closely, as commodity prices on MCX often move in step with international benchmarks. A sustained move in crude oil prices and the US dollar index overnight will be a major swing factor, influencing MCX pricing directly.