Gold Price Today, (Sep 1): Check City-Wise 24K, 22K Gold & 999 Silver Rates Amid High Oil Prices

Noida, Sep 1 (APAC Media): Gold prices remained volatile on Tuesday as renewed geopolitical tensions in the Middle East supported safe-haven demand, while higher crude oil prices and uncertainty over the US Federal Reserve’s interest-rate outlook limited gains.

On the Multi Commodity Exchange (MCX), gold futures traded lower after the previous session’s decline, with the October contract quoted around ₹1.54 lakh per 10 grams. The domestic bullion market continued to track movements in international prices, the rupee and global commodity markets.

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Retail gold prices in Delhi remained elevated. Twenty-four-carat gold was quoted at around ₹154,450 per 10 grams, while 22-carat gold was around ₹141,476 per 10 grams. Prices may vary across cities and jewellers depending on local taxes, duties and making charges.

City-wise Gold & Silver Prices (1 Sep)

Rates are indicative and may vary by jeweller. GST and making charges are additional.

In international markets, spot gold was around $4,430 an ounce, with investors monitoring developments in the Middle East and awaiting key US economic data for clues on the Federal Reserve’s monetary-policy path.

Escalating tensions involving the US and Iran have increased demand for traditional safe-haven assets, providing support to bullion.

However, the rise in crude oil prices has complicated the outlook for gold.

Brent crude was trading above $91 a barrel, while US West Texas Intermediate crude was around $86.60 a barrel. Higher oil prices can raise concerns over inflation and potentially reduce expectations for aggressive interest-rate cuts, which could weigh on gold because the metal does not generate interest.

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Market participants are also watching upcoming US labour-market data. Softer employment figures could strengthen expectations of monetary easing and support gold, while stronger-than-expected data could reinforce the case for higher-for-longer interest rates.

Analysts expect gold prices to remain sensitive to geopolitical developments, movements in the dollar and US Treasury yields, crude oil prices and expectations surrounding the Federal Reserve’s next policy decisions.

–ENDS–

Disclaimer: Gold and Silver prices are for informational purposes only. APAC Media is not liable for any discrepancies or financial decisions made based on this data. Please consult an authorised advisor before making investment choices.

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