Gold Futures Rise Slightly Amidst Oil Dip, Inflation Concerns
By Varun Mittal
Gold futures inch up as crude oil prices fall, but inflation fears and potential interest rate hikes limit significant gains. See the latest market movements.
Gold Futures Advance Marginally on Crude Oil Dip, Inflation Woes Limit Gains
Gold futures experienced a slight uptick, reaching close to Rs 1.55 lakh per 10 grams, in a market influenced by a notable decline in crude oil prices. This dip in crude oil offered a measure of relief to the bullion market, contributing to gold’s modest ascent.
Despite the support from falling crude prices, the gains in gold were significantly capped by prevailing concerns over inflation and the prospect of rising interest rates. These factors collectively prevented a more substantial upward movement for the precious metal.
Specifically, the August delivery contract for gold increased by Rs 131. This rise brought the price for 10 grams to Rs 1,54,915. The trading activity for this particular delivery period registered a total business turnover of 8,693 lots.