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Commodities

MCX Gold Prices Trade Flat Amid Declining Oil Prices

Guavy AI Editorial Team
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Oil Gold Silver
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Gold prices on the MCX traded flat at Rs. 1,53,171 per 10 grams on September 22 as oil prices declined, reducing expectations of further interest-rate hikes by the Federal Reserve.

Oil prices have been steadily dropping over the past few sessions, and this has had a direct impact on gold prices. October gold futures rose 0.05% to Rs. 1,53,171 per 10 grams, while September silver futures advanced 0.13% to Rs. 2,39,620.

Chris Weston, head of research at Pepperstone, noted that while crude has come off its recent highs, a reversal higher could intensify the rates story and make gold prices continue to face headwinds.

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