Gold Prices Rise on MCX as Brent Crude Falls and US Dollar Declines

Gold prices on MCX rose 0.16% to Rs. 1,63,146 per 10 grams on August 26 as Brent crude futures fell 2.64% to USD 86.24 per barrel and the US dollar declined.

The US Personal Consumption Expenditures (PCE) price index data was also ahead, which had investors awaiting a key inflation report to assess the Federal Reserve's interest-rate path.

Wael Makarem, financial markets strategists lead at Exness, said that for gold, the most supportive outcome would be softer-than-expected inflation combined with a dovish or balanced message from the Fed, reducing the opportunity cost of holding a non-yielding asset.