Gold Prices Soar as Fed Rate Hike Expectations Wane

New Delhi, India - Gold prices surged 0.86 per cent on a weekly basis as weaker-than-expected US economic data reinforced expectations that the US Federal Reserve will hold interest rates unchanged.

The price of gold futures (October) on MCX gained 0.73 per cent and stood at Rs 154,590, while silver futures (September) advanced 0.15 per cent to Rs 2,36,272 per kg.

Gold also benefited from volatile crude oil prices due to lingering Middle East tensions, lower Treasury yields, and a weaker US dollar. As a result, the yellow metal climbed to its highest level in over two months before modest profit-taking later in the week.