Gold Prices Rise in India as Investors Buy Ahead of US Inflation Data
Gold prices in India rose on Tuesday, August 11, following gains in global bullion prices. Investors increased safe-haven buying ahead of key US inflation data.
The Multi Commodity Exchange (MCX) saw gold futures for October delivery rise ₹1,501, or 0.98%, to ₹1.54 lakh per 10 grams, with a turnover of 1,332 lots.
Silver, however, moved lower on the MCX, with September delivery falling 0.16% to ₹2.36 lakh per kg.
Gold futures in New York rose 0.35% to $4,406.15 an ounce, while spot gold was around $4,409.81 an ounce, according to commodity commentary.
The data could provide fresh clues about the Federal Reserve's interest-rate outlook. Weaker US jobs data for July has already led markets to reassess the outlook for monetary policy.
Lower interest rates generally support gold because it does not generate interest income.