MCX Gold Prices Rise Amid Global Signals and Rate Hike Uncertainty
Gold prices on MCX rose 0.52% to Rs. 1,60,250 on August 21 amid positive global signals and spot market demand. Brent crude futures fell by 0.27% to $93.52 per barrel, while US West Texas Intermediate (WTI) declined by 0.43% to $86.46 per barrel.
The CME FedWatch Tool suggests markets are pricing in a 64% probability that the Federal Reserve will keep interest rates unchanged and a 36% chance of a rate hike in September. This news likely contributed to the rise in gold prices, as investors seek safe-haven assets amid uncertainty.
Domestic gold prices saw an increase, with 24K gold rising by Rs. 10 to Rs. 1,59,280 per 10 grams and 22K gold advancing by Rs. 10 to Rs. 1,46,010. US gold prices also edged higher on Friday, supported by a weaker dollar and the US Treasury's bond buyback move.