6 hrs ago
Gold Futures Fall as Strong Dollar Spurs Profit Booking
Gold prices went down on Monday.
The October gold contract on MCX dropped ₹832 for every 10 grams.
This happened after gold had risen during the previous week.
A stronger US dollar made gold less attractive to some investors.
Concerns that interest rates could rise again also hurt gold prices.
Some investors sold gold to lock in recent profits.
Indian shoppers waited for prices to become more favorable.
Tensions in West Asia could still make people buy gold as a safe investment.
MCX October gold futures fell ₹832, or 0.54%, to ₹1,53,549 per 10 grams.
Gold had gained ₹1,597, or 1.04%, during the previous week.
A stronger US dollar and renewed concerns about interest-rate hikes pressured gold prices.
Indian physical buyers largely remained on the sidelines amid weak global cues and subdued retail demand.
Comex gold futures declined nearly 1% to USD 4,391.97 per ounce, while geopolitical risks remained a potential source of safe-haven demand.
- Who
- Gold investors, Indian buyers, analysts, and the Federal Reserve were involved in the market developments described.
- What
- Gold futures fell ₹832 to ₹1,53,549 per 10 grams on MCX, while international gold prices also declined.
- Where
- The decline was reported on India's Multi Commodity Exchange and in international Comex trading.
- When
- Monday, September 21; the report also refers to the previous week's gains and rate-hike developments.
- Why
- A stronger US dollar, renewed interest-rate concerns, profit-taking, and subdued Indian retail demand weighed on prices.
Key facts
- MCX October gold price
- ₹1,53,549 per 10 grams
- MCX daily decline
- ₹832, or 0.54%
- Previous week's MCX gain
- ₹1,597, or 1.04%
- Comex gold price
- USD 4,391.97 per ounce
- Comex daily decline
- USD 32.93, or nearly 1%
- Dollar index
- Held above the 100-mark
- Indian physical demand
- Buyers largely stayed on the sidelines amid subdued retail demand
Quotes
Ashish Rajodiya
Head of Commodities at PL Capital
“MCX gold slipped below Rs 1.54 lakh per 10 gram after the dollar index is holding above the 100-mark following last week's rate hike”
freepressjournal.in
Sources
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