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Commodities

MCX Gold Declines as Middle East Tensions Escalate Interest Rate Hopes

Guavy AI Editorial Team
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Oil Gold
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Gold prices on MCX declined by 0.14% to Rs. 1,52,370 per 10 grams on September 9 amid fresh attacks on ships in the Middle East.

The increased inflationary risks and strengthened expectations of a US interest-rate hike led to the decline in gold prices.

US West Texas Intermediate (WTI) crude futures edged higher by 1.30% to USD 94.24 per barrel, while Brent crude futures rose 1.46% to USD 99.35 per barrel.

The CME FedWatch Tool indicates that markets are currently pricing in a 60.5% probability of a rate hike in September and a 39.5% chance of keeping rates unchanged.

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