Commodities
Gold Prices Stay Flat Amid Elevated Oil Costs and Strong US Dollar
Gold prices remained flat on the Multi Commodity Exchange (MCX) at Rs. 1,51,205 per 10 grams on September 15 amid elevated oil prices and a strong US dollar. The precious metal fell 0.02% in October futures.
The rise in Brent crude futures by 1.60% to USD 107.4 per barrel and WTI by 1.80% to USD 103.2 per barrel also had an impact on gold prices.
Kyle Rodda, senior financial market analyst at Capital.com, said that the Producer Price Index (PPI) data indicates a pickup in underlying inflation in the US economy due to rising energy costs and steeper oil prices, which sees gold prices drop.