Gold prices stayed within a tight band last week as the U.S. dollar index and bond yields traded near their peak, and oil slipped after the Fed’s 25‑basis‑point rate hike.
MCX gold futures for October delivery closed at Rs 1.54 lakh per 10 grams, up Rs 1,597 on a 1.04% gain, while silver futures climbed nearly 3% to Rs 2.41 lakh per kilogram.
Jateen Trivedi, VP Research Analyst at LKP Securities, said the jump followed a volatile run‑up as markets digested a raft of macro‑economic data and geopolitical headlines.
In New York, Comex gold settled at $4,424.9 per ounce, with the U.S. dollar index easing and Treasury yields receding after the Fed’s hike; Pranav Mer of JM Financial noted that bargain buying appeared at corrective levels.
With major central‑bank meetings in the United States behind them, the focus shifts to the People's Bank of China, which is slated to announce policy on Monday. Mer added that rates are likely to stay unchanged, a factor investors will weigh closely.
A small investor in Mumbai, who had purchased a gold ETF last month, said he was waiting for the China decision before deciding whether to add more to his portfolio.
The next few days will see market participants watching the China meeting for any hint of policy tightening or loosening that could swing bullion demand in either direction.