Gold Hits $4,550 as Weak Dollar Boosts Prices
Gold and silver prices surged on Thursday in both domestic and international markets due to a weak US dollar and softer global bond yields. On the Multi Commodity Exchange (MCX), gold futures traded near ₹1,58,300 per 10 gram, while silver futures were around ₹2,40,300 per kg.
The Chicago Mercantile Exchange FedWatch Tool indicated that there is a 67% probability of interest rates being kept unchanged in September. Strong purchases by central banks and firm safe-haven demand also contributed to the increase in gold prices.
In the global market, gold was trading near $4,550 per ounce on Comex, while silver was around $67 per ounce. The benchmark October gold contract on MCX opened at ₹1,58,008 per 10 gram and touched a high of ₹1,58,300 during the session.