MCX Gold Tumbles ₹182 as Crude Oil Prices Rise

Gold and silver futures on the Multi Commodity Exchange (MCX) opened lower on Thursday, weighed down by rising crude oil prices and expectations of higher interest rates.

The benchmark October gold contract on MCX opened at ₹1,53,581 per 10 gram, down ₹182 from the previous close of ₹1,53,763. At the time of writing, it was trading near ₹1,53,650, which is a decline of ₹113 from the start of the session.

The global market is also seeing gold prices trade lower, with Comex gold futures at $4,458.90 per ounce, down $1.80 from the previous close. Silver futures on Comex were trading at $68.07 per ounce, a decline of $0.57 from the previous day's close.

The inflation concerns and expectations of higher interest rates are putting pressure on gold, but demand for it as an inflation hedge remains intact. The highest level of the year for gold was ₹1,80,779, while silver touched ₹4,20,048 per kg.