Gold Prices Soar 4.73% Amid Weakening US Dollar

Gold prices surged on a weekly basis as the US dollar weakened and weaker-than-expected US labour data cut the odds of further US Federal Reserve tightening.

The price of gold futures (October) gained 0.11% while silver futures (September) advanced 0.15% on the Multi Commodity Exchange (MCX).

The yellow metal stood at Rs 1,51,985, while the white metal was at Rs 2,31,804 per kg.

The US employment report showed the economy unexpectedly lost 23,000 jobs in July, compared to forecasts for an increase of about 80,000.

Market expectations for a September Fed rate hike trimmed from roughly 58% to about 44% following weaker ADP private payrolls and other employment indicators.