Gold Prices Fall on MCX Amid Elevated US Interest Rates

Gold and silver prices on the Multi Commodity Exchange (MCX) fell on Wednesday, September 23, as elevated US interest rates and a stronger dollar put pressure on precious metals.

The decline comes despite the upcoming festive and wedding season in India, which is expected to boost physical gold demand. The October gold contract was trading at ₹1.52 lakh per 10 grams, down 0.40%, while silver also traded lower.

Gaurav Garg, Head of Research at Lemonn, attributed the pressure on gold and silver to the stronger dollar and elevated US yields, which reduce the relative appeal of non-interest-bearing assets like gold.