Commodities
Gold Prices Rise Amid Safe-Haven Demand on August 27
Gold prices rose on August 27 as investors sought safe-haven assets amid ongoing macroeconomic developments. COMEX gold futures increased by 0.65% to $4,683.70 per ounce, while silver saw a 1.57% rise to $69.09 per ounce.
The MCX futures for the October contract closed with a 0.42% decline on August 26, but domestic spot gold prices edged up towards Rs 1,60,470 per 10 grams on Wednesday.
Jateen Trivedi of LKP Securities noted that some technical profit booking may occur at higher levels due to the dollar's minor uptick. However, as long as COMEX holds $4,500 and MCX holds Rs 1,57,000, the broader trend remains positive.