Gold Edges Up on Domestic Buying, Silver Eases Amid Profit Booking
Gold prices rose marginally on Thursday, driven by domestic buying and steady global cues. The October gold futures contract on the Multi Commodity Exchange (MCX) increased ₹654, or 0.44%, to ₹1.49 lakh per 10 grams.
Silver prices, however, slipped as traders pared some positions after recent gains. The September silver futures contract fell ₹792, or 0.35%, to ₹2.26 lakh per kilogram.
Analysts attributed the gold price increase to fresh buying in gold futures and firm international prices. Globally, gold traded around $4,255 an ounce, supported by a softer US dollar and lower Treasury yields.
The Federal Reserve's interest rate outlook remains a key factor influencing bullion prices. Recent weak US employment data has strengthened expectations of a Fed rate cut later this year, which is generally supportive of non-yielding assets such as gold.