Commodities
MCX Gold Futures Plunge Amid Stronger Dollar and Hawkish Fed Signals
Gold futures on the Multi Commodity Exchange (MCX) took a hit on Tuesday, falling nearly 1% to Rs 1.52 lakh per 10 grams.
The MCX gold futures for October delivery had opened on a firm note, rising by Rs 403 to touch an intraday high of Rs 1,53,497 per 10 grams.
However, the contract later reversed course and fell Rs 914 to Rs 1,52,180 per 10 grams amid a stronger dollar and hawkish signals from the US Federal Reserve.
Pinky Yadav, Commodity Fundamental Analyst at Choice Broking, attributed the decline in MCX gold prices to the strengthened dollar index, which rose to around 100.3 following comments from the Federal Reserve.