Commodities
Gold Prices Soar on MCX Amid Softening Dollar and Lower Bond Yields
Gold prices rose on MCX on August 20, driven by a softer US dollar and lower bond yields. The precious metal's price increased by 0.26% to Rs. 1,58,412, while September silver futures declined by 1.34% to Rs. 2,39,958. Meanwhile, Brent crude futures rose 0.24% to $91.84 per barrel.
Ilya Spivak, head of global macro at Tastylive, said there was a huge rally in gold and that the market is likely to experience some digestion after such a big move. The $4,400 to $4,500 price range has been cleared, he added.
The CME FedWatch Tool indicates markets are pricing in a 67.3% probability of the Federal Reserve keeping rates unchanged and a 32.7% chance of a rate hike in September.