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Gold Prices Rise Amid Hopes of Middle East Peace and Weaker Oil

Guavy AI Editorial Team
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Oil Gold Silver
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The price of gold in India's retail market rose on Friday, August 7, amid hopes of peace in the Middle East. The increase was also driven by weaker oil prices and investors' anticipation of key US nonfarm payrolls data for clues on interest rate outlook.

Spot gold was up 0.4% at $4,254.11 per ounce, with a weekly gain of over 5%. US gold futures gained 0.3% to $4,312.00.

In India, both 24-karat and 22-karat gold rates showed a marginal increase across major cities, including Delhi, Mumbai, and Kolkata. Silver prices also rose in the domestic bullion market.

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