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Commodities

Gold Prices Fall Amid Rising Oil Costs

Guavy AI Editorial Team
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Oil Gold
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Gold prices on MCX declined by 0.54% to Rs. 1,55,093 on August 18 due to profit-booking amid rising oil prices.

The Brent crude futures rose 0.73% to $91.53 per barrel, while US West Texas Intermediate (WTI) edged higher by 0.89% to $85.25 per barrel.

US gold prices rose as fears of a US interest rate hike next month eased, with investors awaiting minutes from the Federal Reserve's latest meeting for fresh clues on the monetary policy path.

Tony Sycamore, an IG market analyst, said that gold is extending its gains 'after last week's soft US economic data, which has raised hopes that the Fed will keep rates on hold this year.'

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