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Gold Prices Edge Up Amid Volatility; Dollar, Crude Oil, Geopolitics to Drive Future
M
Moneycontrol•22-09-2026, 19:05
Gold Prices Edge Up Amid Volatility; Dollar, Crude Oil, Geopolitics to Drive Future
- •Gold prices remained firm near $4,339 per ounce, with US gold futures declining 0.22 percent on Comex.
- •Prices are over 7 percent down from August's peak but well above July's yearly low.
- •Market Analyst Ruchit Thakur notes that currency, oil, and monetary policy forces are pulling precious metals in opposite directions.
- •The US Federal Reserve's rate hike to 4 percent and elevated inflation concerns are limiting gold's upside.
- •A weaker rupee could cushion domestic gold prices, while global growth and industrial demand signals will impact silver.
Key Questions Answered
On September 22, 2026, international gold remained firm near $4,339 per ounce, while domestic spot gold closed at Rs 1,51,879 per 10 grams and MCX gold futures for October delivery stood at Rs 1,52,729 per 10 grams.
The US Federal Reserve raised its policy rate to 4 percent on September 16, 2026, and officials highlighted elevated inflation. This kept US yields and the dollar supportive, which limited gold's upside and caused it to retreat from its August peak.
A weaker rupee raises the domestic cost of imported gold and silver, which can potentially cushion local prices in India even when international prices soften.
