<a href="https://www.mid-day.com/business/business-news/article/gold-futures-rise-to-rs-152-lakh-per-10-gm-silver-declines-to-rs-233-lakh-per-kg-23649518" target="_blank" rel="none noopener">Gold prices</a> rose nearly 1.18 per cent on a weekly basis as crude oil prices retreated.&nbsp;
On Friday, MCX gold futures expiring October declined 0.84 per cent while MCX silver futures for December shed 0.16 per cent. Gold futures stood at Rs 1,54,263, while silver futures stood at Rs 2,42,000 per kg.
The price of 10 grams of 24-carat gold was at Rs 1,53,727 on Friday, up from Rs 1,51,938 seen last Friday, according to data published by the India Bullion and Jewellers Association (IBJA).
Precious metals initially came under pressure digesting Middle East supply shocks and fresh signals from the Federal Reserve.
Crude oil prices fell for three consecutive sessions to below USD 100 a barrel on Friday, as markets found that the closure of Saudi Arabia&rsquo;s key pipeline will have a smaller impact on supplies than initially feared.
The rebound from crude price correction, however, proved short-lived as the US Fed&rsquo;s unexpectedly hawkish outlook overshadowed a rate hike that had been largely anticipated by markets.
The week started with rising expectations of a rate hike pushing Treasury yields higher and weighing on non-yielding assets. The pressure persisted even as geopolitical and supply risks intensified, with a Saudi East-West pipeline outage and an attack on a vessel in the <a href="https://www.mid-day.com/news/world-news/video/iran-us-conflict-iran-latest-news-irgc-tanker-attack-strait-of-hormuz-togo-flagged-tanker-trend-iran-tanker-strike-irgc-navy-iran-hormuz-tensions-strait-of-hormuz-crisis-iran-israel-conflict-us-1081532" target="_blank" rel="none noopener">Strait of Hormuz</a> adding to concerns over disruptions to Middle East energy flows.
Silver outperformed gold, receiving additional support from expectations of a sixth consecutive annual supply deficit in 2026 of around 46.3 million ounces, market participants said.
The US Fed delivered a 25-basis-point rate hike this week, raising the federal funds target range to 3.75 per cent-4 per cent, marking its first increase since 2023.
Majority of officials indicated a preference for further tightening this year, keeping the prospect of another increase firmly in focus.
Markets subsequently priced the probability of another rate hike in October at around 55 per cent. Treasury yields moved above 5 per cent, prompting gold and silver to reverse their gains shortly after the Fed announcement.
Immediate resistance is placed at USD 4,470-USD 4,500 zone, for Comex Gold, while support lies at USD 4,300-USD 4,340 zone, analysts said.
For <a href="https://www.mid-day.com/business/business-news/article/gold-futures-decline-for-fourth-straight-session-trades-at-rs-158-lakh-per-10-gms-23647144" target="_blank" rel="none noopener">MCX Gold</a>, immediate resistance is placed at Rs 1,54,000-Rs 1,54,700 zone, while the support lies at Rs 1,50,000-Rs 1,50,700, they added.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.

MCX gold futures expiring October declined 0.84 per cent at Rs 1.54 lakh per 10 gm, while silver futures  for December shed 0.16 per cent at Rs 2.42 lakh a kg

Gold prices rise 1 per cent this week as crude oil prices ease

India's festive season hiring to grow 15-20 per cent: Report

On Friday, MCX gold futures expiring October declined 0.84 per cent while MCX silver futures for December shed 0.16 per cent. Gold futures stood at Rs 1,54,263, while silver futures stood at Rs 2,42,000 per kg

Weekly round-up: Gold prices rise 1 per cent as crude oil prices ease

Trending Stories

Latest Photos

Latest Videos

Latest Web Stories

Mid-Day Fast

Home / Business / Business News / Article / Weekly round-up: Gold prices rise 1 per cent as crude oil prices ease