Gold Prices on MCX Rise 0.15% Amid Mixed Signals and Crude Oil Bump
Gold prices on the MCX climbed 0.15% to Rs. 1,52,050 on August 10 as investors assessed mixed signals from the Middle East. The uptick in the US dollar and a rise in crude oil prices weighed on precious metals. August gold futures rose 0.15%, while September silver futures advanced 0.9% to Rs. 2,33,550.
Brent crude futures surged 1.03% to $84.41 per barrel, and US West Texas Intermediate (WTI) edged higher by 0.86% to $78.85 per barrel. Domestic gold prices saw a decline, with 24K gold falling by Rs. 38 to Rs. 1,51,970 per 10 grams.
In the US, gold prices slipped as investors took profits after hitting a seven-week high in the previous session. Spot gold was down 0.5% at $4,322.28 per ounce, while US gold futures fell 0.4% to $4,381.60. Tim Waterer, chief market analyst at KCM Trade, expects gold to remain supported above the $4,300 level in the near term.