Commodities
Gold Prices Rise on MCX Amid Declining Oil Prices and Hawkish Fed Signals
On September 23, gold prices on MCX traded slightly higher due to declining oil prices. This decline in oil prices reduced expectations of further interest-rate hikes by the Federal Reserve. As a result, October gold futures rose 0.05% to Rs. 1,52,795 per 10 grams.
Meanwhile, Brent crude futures fell 1.10% to USD 98.16 per barrel, and US West Texas Intermediate (WTI) edged lower by 1.67% to USD 89.01 per barrel.
Gold prices in the US also fell on Tuesday due to hawkish signals from Federal Reserve policymakers. Spot gold declined 0.32% at USD 4,344.51 per ounce, while spot silver fell by 0.49% to USD 66.68 per ounce.