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MCX gold and silver edge up as Brent slides 3% to near $86 and dollar index dips below 99

AI Market Summary
Gold and silver firmed as a sharp drop in Brent and a softer dollar supported demand for defensive assets. Oil weakened on reduced supply-risk premium after Iran-Oman talks signaled potential progress on Strait of Hormuz shipping, though Middle East and sanctions-related uncertainty remains. Near-term positioning is constrained by event risk from US July PCE inflation data and upcoming Jackson Hole remarks, which could shift rates and USD expectations.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT-0.39%
AI Insight · NCCOGOLD2USD/USDTAI Insight
● Neutral
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MCX gold October futures rose 0.16% to ₹1,63,146 per 10 grams, while MCX silver September futures gained 0.64% to ₹2,45,700 per kg. Brent crude futures slid 3% to trade near $86 per barrel, keeping the US dollar index below 99 on expectations the Strait of Hormuz could reopen after Iran said it had resumed talks with neighbouring Oman on managing the waterway. Investors are watching the US Personal Consumption Expenditures (PCE) price index for July, due at 1230 GMT, and a speech by Fed Chairman Kevin Warsh at the annual Jackson Hole symposium on Friday.
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