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Rising oil prices pressure gold and silver markets
Rising oil prices are pressuring gold and silver markets ahead of the Federal Reserve's October 27-28 policy meeting.
Analysts expect gold and silver to face headwinds next week as crude oil prices rise. Jateen Trivedi of LKP Securities noted MCX gold futures fell nearly 4 per cent to Rs 1.42 lakh per 10 grams, while silver dropped 7.14 per cent to Rs 1.96 lakh per kg. Pranav Mer of JM Financial Services Ltd linked the pressure to Brent crude settling above USD 117 per barrel and the Federal Reserve's October 27-28 meeting.
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Rising oil prices pressure gold and silver markets
Gold and silver are expected to encounter headwinds next week due to rising crude oil prices, which have reignited concerns over inflation. The markets are currently reacting to elevated bond yields and a strengthening US dollar. Investors are now focusing on the US Federal Reserve's upcoming policy decision scheduled for October 27-28. Analysts suggest this meeting will be the primary determinant of whether bullion rates stabilise or continue their downward trend. The intersection of energy costs and monetary policy remains the key driver for precious metals.
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