Gold Prices Slip on MCX as International Markets See Gains Amid Eased Rate Hike Expectations

Gold prices on the MCX slipped to below Rs 1.55 lakh/10 gm on Tuesday morning, but international markets saw a gain in gold prices. The decline was due to eased expectations of a US Federal Reserve rate hike.

The October delivery futures fell by around 0.6%, or Rs 945 per 10 grams, to Rs 1,54,995 per 10 grams on the MCX. December contracts declined over 0.5% to Rs 1.57 lakh per 10 grams, while February futures fell 0.7% to Rs 1.59 lakh per 10 grams.

In international markets, spot gold rose by 0.2% to $4,424.28 an ounce, and US gold futures for December delivery gained 0.2% to $4,480.90. The shift in rate hike expectations was attributed to softer-than-expected US economic data last week.