Commodities & Forex
MCX gold slips to ₹1,45,972, silver falls 1% as Brent climbs to $110
Higher oil revives inflation worries and keeps US rate-hike fears alive, pressuring precious metals.
Gold futures on MCX, India's commodity exchange, fell 0.37% to ₹1,45,972 per 10 grams for December delivery, and silver futures fell 1.08% to ₹2,09,207 per kg, Analytics Insight reported this morning. Global spot gold was down 0.2% at $4,118 an ounce and spot silver 0.9% lower at $57.44.
Why does oil matter for gold? Brent crude rose 1.47% to about $110.4 a barrel. Expensive oil pushes up inflation, and high inflation makes the US Federal Reserve more likely to keep interest rates high or raise them at its 27–28 October meeting. Higher rates make gold, which pays no interest, less attractive than bonds or deposits.
Futures prices differ from shop prices. MCX is where traders buy and sell gold for future delivery; jewellers' rates add GST and local margins, which is why this morning's shop rates for 24K were higher, at about ₹1.47–1.49 lakh per 10 g.
Key takeaway: for now oil is steering gold; a fall in crude or softer Fed talk would ease the pressure.
| Market | Level | Change |
|---|---|---|
| MCX gold (Dec) | ₹1,45,972/10g | -0.37% |
| MCX silver (Dec) | ₹2,09,207/kg | -1.08% |
| Spot gold | $4,118/oz | -0.2% |
| Spot silver | $57.44/oz | -0.9% |
| Brent crude | ~$110.4 | +1.47% |
| WTI crudeAs reported; contracts differ | ~$99.16 | -1.37% |
Oil above $110 is feeding inflation fears worldwide, which supports the dollar and bond yields and weighs on gold and silver.
Futures dips can lower jewellers' rates a little over the day, but a weak rupee keeps Indian gold close to record highs ahead of Diwali buying.
Written with AI assistance by TotalMarket. Based on the sources linked in this article; key facts and data should be checked against the original sources. This article is for information only and is not investment advice.
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