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Gold and silver futures climb as dollar weakens ahead of Fed
MCX oil fell after US and Iran suspended strikes, lifting hopes for eased tensions and improving the appeal of dollar priced metals.
Gold and silver rose in India’s domestic futures market on Monday as the US dollar weakened ahead of the Federal Reserve’s policy decision later this week, LiveMint Markets reported.
On the MCX, the gold August contract was up about 0.5% to ₹1,43,784 per 10 grams, while MCX silver September futures gained more than 1% to ₹2,24,550 per kg in morning trade.
The dollar index dropped more than 0.3%, making greenback denominated precious metals more affordable for overseas buyers. The move also followed a sharp selloff in crude oil, with oil prices plunging 5% after the US and Iran suspended military strikes over the weekend.
This week’s focus is the Fed meeting on 29 July, with rates widely expected to stay unchanged, though the likelihood of a hike this year remains high, according to LiveMint Markets. The report said markets will also watch US inflation and labor market data for cues that could drive further volatility in bullion.
Latest closeGold $4,055.70 ▲0.2%|Silver $58.49 ▲1.2%|WTI crude $90.47 ▼1.9%