Gold Prices Rise on MCX as Investors Await US Non-Farm Payrolls Report
Gold prices on the Multi Commodity Exchange (MCX) rose by 0.5% to Rs. 1,49,608 per 10 grams on August 7 as investors awaited the US non-farm payrolls report for fresh signals on the Federal Reserve's interest rate path.
The advance in gold prices was accompanied by a rise in silver futures, which surged 1.09% to Rs. 2,28,300. Brent crude futures rose 1.83% to $84 per barrel, while US West Texas Intermediate (WTI) edged higher by 1.67% to $78.58 per barrel.
In the domestic market, 24K gold prices rose by Rs. 16 to Rs. 1,49,890 per 10 grams, while 22K gold also advanced by Rs. 15 to Rs. 1,37,400. The price variation was seen across cities, with Mumbai and Kolkata mirroring the national average of Rs. 1,49,890, Delhi at Rs. 1,50,040, and Chennai at Rs. 1,50,000.
In the US market, spot gold prices were up 0.6% at $4,262.39 per ounce, marking a gain of over 5% for the week. U.S. gold futures gained 0.5% to $4,321.50, while spot silver added 1.3% to $62.27.