Gold Prices Tumble Amid Crude Oil Surge, Fed Uncertainty
Gold and silver prices fell in international markets on September 11, weighed down by a sharp rise in crude oil prices and uncertainty over the US Federal Reserve's interest-rate path.
The COMEX gold contract closed at $4,369.40 an ounce, down 0.86% from the previous close, while the silver contract fell 1.57% to $63.91 an ounce.
Vedika Narvekar, Research Analyst, Commodities & Currencies at Anand Rathi Share and Stock Brokers, said gold had largely remained in a tight range around $4,400 an ounce as markets awaited clarity on the Fed's next move.
Narvekar expects international gold prices to remain between $4,340 and $4,450 an ounce, while MCX gold could trade in the ₹1.51 lakh-₹1.55 lakh per 10 grams range.
The rise in oil prices is particularly relevant for Indian markets because it can affect both inflation expectations and the rupee.