7 hrs ago
Gold and Silver Swing as Oil Falls, Dollar Holds Steady
Gold and silver prices moved up and down on Friday morning.
Gold prices on the Indian exchange edged lower, while silver prices increased.
Oil prices fell below $104 per barrel.
The US dollar stayed mostly unchanged, although it was on track for a weekly gain.
A stronger dollar can put pressure on gold prices.
The Federal Reserve had raised interest rates by 25 basis points two days earlier.
Investors were also watching the US-Iran conflict closely.
Donald Trump said he faced a major decision about whether to restart large attacks.
These factors made investors cautious about what prices might do next.
MCX gold October futures fell 0.08% to ₹1,52,861 per 10 grams around 9:10 AM on Friday, 18 September.
MCX silver December futures rose 0.49% to ₹2,39,380 per kilogram during morning trade.
Brent crude declined 1% to below $104 per barrel, while the US dollar remained flat but was headed for a weekly gain of more than 1%.
US gold futures for December delivery slipped 0.10% to $4,380.95 per troy ounce.
Markets remained cautious because of the US-Iran conflict and uncertainty over economic data following the Federal Reserve’s 25-basis-point rate increase.
- Who
- Gold and silver traders, investors, the Federal Reserve, Donald Trump, and participants in the US-Iran conflict.
- What
- Gold and silver prices were volatile as oil prices declined, the dollar remained stable, and investors assessed interest rates and geopolitical risks.
- Where
- On the Multi Commodity Exchange and in international markets.
- When
- Friday, 18 September, with prices reported around 9:10 AM; the Federal Reserve raised rates on 16 September.
- Why
- Prices were influenced by falling crude oil, a stable but weekly-gaining US dollar, the Federal Reserve’s rate increase, upcoming macroeconomic data, and the US-Iran conflict.
Key facts
- MCX gold
- October futures were down 0.08% at ₹1,52,861 per 10 grams.
- MCX silver
- December futures were up 0.49% at ₹2,39,380 per kilogram.
- Brent crude
- The international benchmark fell 1% to below $104 per barrel.
- US dollar
- The dollar was flat in morning trade but was set to gain more than 1% for the week.
- US gold futures
- December futures declined 0.10% to $4,380.95 per troy ounce.
- Federal Reserve action
- The Federal Reserve raised interest rates by 25 basis points on 16 September.
- Geopolitical risk
- Investors remained cautious because of the US-Iran conflict and comments by Donald Trump about a possible major decision.
Quotes
Donald Trump
US president commenting on a possible decision regarding the Iran war
“I have a big decision coming up. Do I want to go in and annihilate them [the Iranian regime] or do I not? It's a big decision. Anything could happen with me.”
livemint.com
Sources
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