6 days ago
Gold Prices Fall Nearly 3% As Fed Hike Expectations Rise
Gold became cheaper by almost 3% during the week.
Investors were watching new information about the US economy.
Strong jobs data made some investors think the Federal Reserve might raise interest rates.
Higher interest rates can make gold less attractive to investors.
The stronger US dollar and higher Treasury yields also pressured gold prices.
Rising crude oil prices increased worries about inflation.
Gold briefly recovered after weaker jobs data and softer comments from the Federal Reserve.
However, stronger employment data later pushed prices down again.
Analysts identified price levels where gold may face resistance or find support.
24-carat gold prices fell to Rs 1,54,884 per 10 grams on Friday from Rs 1,59,578 a week earlier.
MCX October gold futures rose 0.03% to Rs 1,52,815 on Friday, while September silver futures declined 0.07%.
Stronger US economic and employment data lifted the dollar and Treasury yields, putting pressure on gold prices.
Higher crude oil prices and inflation concerns increased expectations of a Federal Reserve interest-rate hike in September.
Analysts placed Comex gold resistance at $4,500-$4,530 and support at $4,330-$4,360.
- Who
- Gold investors, US economic data, and the Federal Reserve influenced bullion prices.
- What
- Gold prices fell nearly 3% over the week, while MCX gold ended Friday slightly higher.
- Where
- The report covers Indian bullion and MCX markets, alongside US financial markets.
- When
- Over the reported week, with prices assessed on Friday.
- Why
- Stronger US data, higher crude oil prices, inflation concerns, a firmer dollar, and rising expectations of a Federal Reserve rate hike weighed on gold.
Key facts
- Weekly 24-carat gold price
- Rs 1,54,884 per 10 grams on Friday, down from Rs 1,59,578 a week earlier
- MCX October gold
- Rs 1,52,815, up 0.03% on Friday
- MCX September silver
- Rs 2,37,500, down 0.07% on Friday
- Comex gold resistance
- $4,500-$4,530
- Comex gold support
- $4,330-$4,360
- MCX gold resistance
- Rs 1,56,500-Rs 1,57,000
- MCX gold support
- Rs 1,51,500-Rs 1,52,000










