Commodities
Gold Prices Soar on MCX Amid Decline in Oil Prices Ahead of US Fed Decision
Gold prices rose on MCX on September 16 by 0.57% to Rs. 1,51,670 per 10 grams as oil prices declined and investors awaited the US Federal Reserve's monetary policy decision.
The CME FedWatch Tool indicates a 92.3% probability of a 25-basis-point rate hike by the Federal Reserve later today.
US West Texas Intermediate (WTI) crude futures fell 1.09% to USD 104.7 per barrel, while Brent crude futures dropped 0.74% to USD 107.9 per barrel.
Frank Walbaum, a market analyst at Naga.com, said that 'a hawkish Fed could pull gold down, while any soft messaging may ease bets on hikes and help the metal recover.'