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In the domestic market, trading on the Multi Commodity Exchange (MCX) opened for the second session as the morning session was closed on account of Ganesh Chaturthi. Gold October 5 futures were down 1.26% at ₹1,50,856 per 10 grams, while silver December 4 futures fell 1.90% to ₹2,30,513 per kg. Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said the upcoming Fed policy decision could keep gold under pressure, with the possibility of a rate hike or hawkish commentary from the Fed chair. The yellow metal, he said, can be seen in the range of ₹1,49,000-₹1,54,000. On the global front, spot gold was down 0.92% at $4,284.52 per ounce, after posting a third consecutive weekly decline on Friday. US gold futures dropped 1.1% to $4,361.20. Spot silver was down 1.30% at $62.96 per ounce. ALSO READ: India beats a hasty retreat from a crucial market reform According to a Reuters report, traders are pricing in about an 87% chance of a rate hike at the central bank's policy meeting on Tuesday and Wednesday, up from about 67% before the inflation data released last week, according to the CME FedWatch Tool. The Bank of Japan is also expected to raise rates on Friday, as persistent inflation and resilient economic growth have raised the prospect of further rate hikes by major central banks, amid rising energy prices and little sign of easing tensions in the Middle East. Although gold is typically seen as an inflation hedge, higher interest rates tend to reduce the appeal of non-yielding bullion. Gold rates in physical markets Gold price today in Delhi Standard gold (22 carat) prices in Delhi stood at ₹14,140 per gram, while pure gold (24 carat) prices stood at ₹15,424 per gram. Gold price today in Mumbai Standard gold (22 carat) prices in Mumbai stood at ₹11,557 per gram, while pure gold (24 carat) prices stood at ₹15,409 per gram. Gold price today in Chennai Standard gold (22 carat) prices in Chennai stood at ₹11,895 per gram, while pure gold (24 carat) prices stood at ₹15,409 per gram. Gold price today in Hyderabad Standard gold (22 carat) prices in Hyderabad stood at ₹11,557 per gram, while pure gold (24 carat) prices stood at ₹15,409 per gram. Oil prices surge 4% Meanwhile, oil prices jumped 4% on Monday after fresh Houthi strikes on Saudi Arabia and Iranian attacks on ships in the Gulf compounded supply concerns following the closure of a key Saudi oil pipeline. Middle East diplomacy also appeared to falter after a meeting between Iran and other Gulf states was postponed. Brent crude was last quoted trading 4% higher at $108.8 per barrel, while West Texas Intermediate (WTI) crude was at $103.6 per barrel, up 3.59%. This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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