Gold prices slipped on the MCX but extended gains in international markets on Tuesday, as expectations of a US Federal Reserve rate hike eased. Investors are now awaiting minutes from the central bank’s latest meeting for fresh clues on the outlook for monetary policy.

6%, or Rs 945 per 10 grams, to Rs 1,54,995 per 10 grams on Tuesday morning. 59 lakh per 10 grams.

90. The US dollar hovered near multi-month lows against major currencies, making dollar-priced gold cheaper for holders of other currencies.

The US Fed is expected to keep its key interest rate unchanged next month and through year-end, according to most economists polled by Reuters. Market pricing for a September quarter-point rate hike has also shifted, with traders now seeing a 65% chance of a hold following unexpected job losses in July, softer-than-expected consumer inflation and weaker retail sales.

The conflict’s outbreak in late February sent gold tumbling from a record $5,595 an ounce in January to below $4,000 in June, as investors sought liquidity and some central banks drew on their reserves to support domestic economies amid surging oil prices.. He added that gold also appears to be regaining its safe-haven appeal, with hawkish rhetoric from Iran helping the metal shrug off higher yields.

Meanwhile, silver prices fell further on the MCX. September futures dropped more than 1%, or Rs 2,500 per kg, to Rs 2,35,549 per kg in early trade.

December contracts declined nearly 1% to Rs 2,41,432 per kg..