Gold Prices Climb on MCX as Dollar Eases; Brent Crude Tops $102
Gold prices rose on October 8, with MCX December futures up 0.43% to Rs. 1,49,750 per 10 grams. The US dollar eased from an 18-month high, helping spot gold recover to USD 4,135.60 per ounce. Brent crude also climbed 2.17% to USD 102.4 per barrel, while silver and platinum gained.
On October 8, MCX December gold rose 0.43% to Rs. 1,49,750 per 10 grams, while December silver added 0.29% to Rs. 2,24,200. Brent crude advanced 2.17% to USD 102.4 a barrel, and WTI gained 1.82% to USD 89.89. Domestic 24K gold was quoted at Rs. 1,49,197, with 22K at Rs. 1,36,664; Mumbai, Delhi and Chennai showed city-level variations.
In the US, spot gold recovered 0.60% to USD 4,135.60 an ounce after the dollar retreated from an 18-month high. December US gold futures rose 0.46% to USD 4,159.75. Spot silver, platinum and palladium also gained. Analysts cited technical resistance near USD 4,263 and USD 4,332, with support around USD 4,000.
Higher gold and crude prices could affect households, jewelry buyers, investors, and transport-dependent businesses. Costlier bullion may lift wedding and festival budgets, while stronger crude may feed into fuel and logistics costs, potentially adding to broader price pressures. Traders and savers may watch gold as a hedge, though technical weakness could keep short-term sentiment cautious. The impact may vary by city and income group, with lower-income households likely feeling fuel and food distribution costs more acutely.