Gold rises to ₹1,48,909 on MCX as dollar weakens
Business
Gold just got pricier, up nearly 1.33% to ₹1,48,909 per 10gm on MCX, with international rates hitting $4,189 an ounce.
Silver followed suit, rising to ₹2,21,191 per kilogram.
The main drivers? A weaker US dollar and cheaper crude oil.
Justin Khoo says Fed hike unlikely
The US dollar dropped to 96.72 against the rupee and oil prices slipped, making gold and silver more attractive for now.
Justin Khoo, Senior Market Analyst - APAC at VT Markets, pointed out that while the Federal Reserve is thinking about raising rates, softer inflation data and higher unemployment mean a hike isn't likely this month.
On the flip side, the US 10-year Treasury yield has climbed above 5.3%, adding to borrowing costs and making financial conditions more restrictive.