Gold Futures Extend Decline To ₹1.5 Lakh Per 10 Grams, Firm US Dollar Dulls The Shine Of Bullion
Mumbai: Gold futures fell for a fourth consecutive session on Thursday, September 24, as a stronger US dollar, rising Treasury yields and weakness in global bullion prices weighed on the metal. On the Multi Commodity Exchange (MCX), October gold futures declined ₹833, or 0.55%, to ₹1,50,466 per 10 grams. The drop brought prices close to the ₹1.5 lakh mark. Why Are Gold Prices Falling? Aamir…
Mumbai witnessed a fourth straight drop in gold futures on Thursday, September 24, as the US dollar strengthened and Treasury yields surged, dampening the allure of bullion. On the Multi Commodity Exchange (MCX), October gold futures tumbled ₹833, or 0.55%, to ₹1,50,466 per 10 grams, nearing the ₹1.5 lakh threshold. Commodity analyst Aamir Makda cited the robust dollar and higher US Treasury yields as the primary drivers of the decline.
Rising US private sector employment data and expectations of further interest rate hikes by the Federal Reserve also contributed to the bearish sentiment. In New York, December Comex gold futures fell $17.93, or 0.42%, to $4,300.47 an ounce, driven by a dollar index nearing a two-month high and US Treasury yields approaching 5.11%.
Analyst Ashish Rajodiya noted that gold prices had settled near $4,300 after a sharp decline the previous day. Geopolitical developments, such as Iran's warning about closing the Strait of Hormuz and tensions in the Gulf, are also being monitored as potential catalysts for gold prices.
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