Commodities
MCX Gold Falls Amid Middle East Tensions and Inflation Fears
On September 9, gold prices on MCX declined by 0.14% to Rs. 1,52,370 per 10 grams due to fresh attacks on ships in the Middle East and rising inflation concerns.
The price of Brent crude futures rose 1.46% to USD 99.35 per barrel, while US West Texas Intermediate (WTI) edged higher by 1.30% to USD 94.24 per barrel.
According to the CME FedWatch Tool, markets are currently pricing in a 39.5% probability that the Federal Reserve will keep rates unchanged and a 60.5% chance of a rate hike in September.
Daniel Pavilonis, senior market strategist at Stone X, stated that 'Gold is range-bound because it is capped by a higher probability of raising interest rates, which continues to hinder momentum in the market.'