MCX Gold Falls to Rs 1,50,150 as Dollar Hardens and Rate Hike Bets Intensify

Gold prices on the MCX fell to Rs 1,50,150 per 10 grams on Wednesday, marking a fifth consecutive loss. The decline was driven by a strong US dollar and rising expectations of a Federal Reserve rate hike, which are putting downward pressure on gold.

The Fed's hawkish stance is a significant headwind for gold investors, as the metal pays no yield and its value drops with higher interest rates. This week's data has shown that inflation remains elevated in the US, which increases the likelihood of a rate hike.

Gold's 200-day moving average has also been breached, indicating a potential long-term bearish trend. Technical sellers are currently dominating the market, and gold prices have fallen nearly five percent over the past week.