Gold Prices Flat on MCX Amid Decline in Oil Prices
The price of gold on MCX traded flat at Rs. 1,53,171 per 10 grams on September 22 amid a decline in oil prices. The ongoing decrease in crude oil prices has reduced expectations of further interest-rate hikes by the Federal Reserve.
Ongoing US economic data is limited this week, and investors are awaiting comments from Fed officials for signs of whether the central bank will lean towards another rate increase in October. Meanwhile, Brent crude futures rose 1.25% to USD 101.6 per barrel, while US West Texas Intermediate (WTI) edged higher by 0.96% to USD 93.26 per barrel.
US gold prices struggled for momentum on Tuesday as expectations of interest rates staying higher for longer weighed on sentiment. Spot gold declined 0.08% at USD 4,340.26 per ounce, while US gold futures fell 0.18% at USD 4,376.20.