Gold Prices Reach Seven-Week High Amid Geopolitical Uncertainty

Gold prices in India continued their upward trend on August 6, tracking international markets that saw a strong rally for the fourth consecutive session. The yellow metal rose to a seven-week high as investors sought safe-haven assets amidst geopolitical uncertainty and a softer US dollar.

The domestic market remained firm, with buyers closely monitoring retail rates and MCX futures. Jewellery demand was steady, while investors assessed whether the recent global rally could push domestic prices higher in the coming sessions.

MCX gold futures continued their strong momentum, with spot gold rising 0.2% to $4,254.98 per ounce, its highest level in seven weeks. US gold futures advanced to $4,312.80 per ounce, driven by a weaker US dollar and easing expectations of a September rate hike.