Gold Prices Climb as Weaker US Dollar Boosts Safe-Haven Appeal

The price of gold rose on August 3 due to a weaker US dollar, making it cheaper for overseas buyers and increasing its appeal as a safe-haven asset.

According to the source, spot gold was up 0.6 per cent or USD 25 at USD 4,066.28 per ounce, while spot silver gained 0.5 per cent, rising USD 0.31 to trade near USD 58 per ounce.

In India, the price of gold remained largely stable across major cities on August 3, with a 24-carat gold price standing at Rs 1,44,370 per 10 grams in Delhi and Chennai, while Mumbai, Kolkata, and Hyderabad quoted Rs 1,44,220.

The India Bullion and Jewellers Association (IBJA) sets the daily 'base price' of gold in India, which serves as the national benchmark for bullion rates.