MCX Gold and Silver Prices Fall Amid US Rate Hopes
Gold and silver prices declined on the Multi Commodity Exchange (MCX) on Tuesday, September 22, due to expectations of US interest rates staying higher for longer and a stronger dollar.
The MCX gold futures for October delivery were trading at ₹1.52 lakh per 10 grams, down 0.62%, while silver futures for December delivery stood at ₹2.37 lakh per kilogram, also lower by 0.62%.
Prithviraj Kothari, managing director at RiddiSiddhi Bullions and president of the India Bullion and Jewellers Association (IBJA), said gold and silver are consolidating as expectations of rates staying higher for longer keep sentiment in check.
Gaurav Garg, head of research at Lemonn, said easing US Treasury yields and softer crude prices were providing some support to precious metals, although expectations of a higher-for-longer Federal Reserve rate outlook were limiting gains.