Gold Prices Rise on MCX Amid Weaker US Dollar and Lower Fed Hike Expectations
Gold prices on MCX rose by 0.34% to Rs. 1,55,030 per 10 grams on August 17, despite a weaker US dollar and lower expectations for a US Fed interest rate hike in September. This increase is attributed to the decline of the US dollar, which has given gold 'extra headroom' to push towards the $4,400 level, according to Tim Waterer, chief market analyst at KCM Trade.
August gold futures rose 0.34% on MCX, while September silver futures advanced 0.5%. In contrast, Brent crude futures rose by 0.17% to $88.67 per barrel, but US West Texas Intermediate (WTI) edged lower by 0.23% to $82.21 per barrel.
The prices of gold and silver on MCX are supported at Rs. 1,53,650 and Rs. 2,34,000 respectively, while resistance is at Rs. 1,55,500 and Rs. 2,38,000. Waterer also stated that a sustained move above $4,500 would likely need additional dollar weakness or a clearer pullback in energy prices.