Commodities
Gold Prices Surge on MCX Amid Stable Dollar and Lower Oil
Gold prices on the Multi Commodity Exchange (MCX) rose by 0.52% to Rs. 1,63,230 per 10 grams on August 24, supported by a stable US dollar and declining crude oil prices.
The price of Brent crude futures fell 1.45% to USD 93.02 per barrel, while US West Texas Intermediate (WTI) edged lower by 1.68% to USD 85.60 per barrel.
According to the CME FedWatch Tool, markets are currently pricing in a 61.1% probability that the Federal Reserve will keep rates unchanged and a 38.9% chance of a rate hike in September.
Domestic gold prices also rose, with 24K gold increasing by Rs. 88 to Rs. 1,63,970 per 10 grams, while 22K gold advanced by Rs. 80 to Rs. 1,50,300.