Commodities
MCX Gold Falls 1.11% to Rs. 1,50,778 After Fed Hike, Brent Jumps
The MCX Gold price declined by 1.11% to Rs. 1,50,778 per 10 grams on September 17, following a 25-basis-point rate hike by the US Federal Reserve to 3.75%-4%. The move was aimed at addressing inflation concerns and high energy prices.
October gold futures fell, while September silver futures declined 1.19% to Rs. 2,31,982. Meanwhile, Brent crude futures rose 0.03% to USD 105.9 per barrel, with US West Texas Intermediate (WTI) edging lower by 0.05% to USD 104.4 per barrel.
Kelvin Wong, senior market analyst at OANDA, expects gold prices to remain range-bound until oil prices decline. He noted that the current uptick in gold is largely driven by technical factors and the Fed's hawkish message has already been priced into the market.