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Gold and silver fall on MCX as oil lifts rate-hike bets
Brent crude hovered near $92 a barrel and a softer dollar helped limit losses for the yellow metal.
Gold and silver prices edged lower on MCX on Wednesday, 19 August, as elevated crude oil levels tied to stalled US-Iran talks boosted expectations of a US Federal Reserve rate hike.
The dollar index eased to 99.57 from 99.66 earlier in the session, which made the greenback-backed yellow metal slightly cheaper for overseas buyers, even as higher rates weighed on gold.
MCX gold October futures were down 0.03% at ₹1,54,215 per 10 grams around 9:10 AM, while MCX silver September futures fell 0.93% to ₹2,30,250 per kg.
Energy prices have stayed elevated for much of the year, raising inflation concerns and supporting the case for tighter policy. Minutes from the Fed’s July meeting were due, and CME FedWatch showed markets pricing a 65% probability of no rate change and a 35% chance of a hike in September, with the next Fed meeting scheduled for September 15 to 16.
Latest closeGold $4,432.00 ▲1.6%|Silver $64.83 ▼0.1%|WTI crude $82.40 ▲1.4%