Gold Prices Soar on MCX Amid Crude Oil Decline and Stable Dollar
On August 24, gold prices rose on MCX as the dollar stabilized and crude oil prices declined. The MCX Gold futures increased by 0.52% to Rs. 1,63,230 per 10 grams, while September silver futures fell by 0.55% to Rs. 2,45,230 per kilogram. Brent crude futures dropped 1.45% to USD 93.02 per barrel, and US West Texas Intermediate (WTI) decreased by 1.68% to USD 85.60 per barrel.
The CME FedWatch Tool indicates that the market is pricing in a 61.1% probability of the Federal Reserve keeping interest rates unchanged and a 38.9% chance of a rate hike in September. Tim Waterer, chief market analyst at KCM Trade, noted that gold's recent gains are driven by a softer dollar and higher yields signaling underlying economic strains and policy uncertainty.
Domestically, 24K gold rose to Rs. 1,63,970 per 10 grams, while 22K gold advanced to Rs. 1,50,300. Spot gold prices in the US were up 0.76% at USD 4,639.13 per ounce, and US gold futures rose by 0.33% to USD 4,696.10.