Commodities
MCX Gold Falls 1.55% Amid Profit-Taking and Weak Global Cues
On August 31, gold prices on the MCX fell by 1.55% to Rs. 1,53,852 per 10 grams due to heavy profit-taking and weak global cues.
The CME FedWatch Tool indicates that markets are pricing in a 40.1% probability of keeping rates unchanged and a 59.9% chance of a rate hike in September.
Domestic gold prices saw a decline, with 24K gold falling by Rs. 147 to Rs. 1,56,770 per 10 grams and 22K gold declining by Rs. 135 to Rs. 1,43,700.
US gold prices also extended declines on Monday, hitting their lowest in nearly two weeks after US Federal Reserve Chair Kevin Warsh signaled that interest rate hikes may be needed to contain inflation.