Gold Prices Rise Amid Crude Oil Decline, Fed Hawkishness Cuts Gains
Gold prices have surged by nearly 1.18% on a weekly basis due to a decline in crude oil prices, according to recent data published by the India Bullion and Jewellers Association (IBJA).
The price of gold futures expiring October on the Multi Commodity Exchange (MCX) declined by 0.84%, while silver futures for December shed 0.16%. On Friday, the price of 10 grams of 24-carat gold stood at Rs 1,53,727.
The rebound in gold prices was short-lived as the US Federal Reserve's unexpectedly hawkish outlook overshadowed a rate hike that had been largely anticipated by markets. The Fed delivered a 25-basis-point rate hike this week, raising the federal funds target range to 3.75%, 4%. Majority of officials indicated a preference for further tightening this year.