Commodities
Gold Prices Surge on MCX Amid Weaker US Dollar and Currency Debasement Fears
On August 27, gold prices on MCX rose by 0.33% to Rs. 1,60,191 per 10 grams, supported by a weaker US dollar amid fears of currency debasement.
The CME FedWatch Tool indicates markets are currently pricing in a 64.1% probability that the Fed will keep rates unchanged and a 35.9% chance of a rate hike in September.
Kelvin Wong, a senior market analyst at OANDA, said, 'The dollar-debasement narrative, coupled with concerns about the US budget deficit, remains supportive of gold in the medium term.'