Gold Prices Rise Amid Crude Oil Price Drop

On August 3, gold prices on MCX rose 0.28% to Rs. 1,43,780 amid a decline in crude oil prices. The sharp fall in Brent crude futures was 5.05% to $83.49 per barrel, while US West Texas Intermediate (WTI) dropped by 5.76% to $79.79 per barrel.

According to Tim Waterer, chief market analyst at KCM Trade, gold has made a relatively cheery start to the week but gains remain limited due to uncertainty around oil markets and the Middle East.

The US dollar's decline also contributed to the increase in gold prices. Spot gold rose 0.4% to $4,055.76 per ounce, while September silver futures advanced 0.89% to Rs. 2,19,124 on MCX.