Gold Prices Soar in India as Global Economic Uncertainty Rises
Gold prices surged in India and globally on August 7, as investors sought safe-haven assets due to rising uncertainty over global economic conditions. The price of gold on the Multi Commodity Exchange (MCX) hit ₹1.50 lakh per 10 grams, while silver futures contracts gained ₹8,040 per kg to reach ₹2,33,876.
The rise in gold prices was attributed to growing optimism about global economic conditions, as well as the possibility that the US Federal Reserve might postpone any monetary policy tightening. This led to a weakening of the dollar and increased demand for safe-haven assets like gold.
In India, the average all-India rate for 24K gold is ₹14,989 per gram, while 22K gold is priced at ₹13,740 per gram, and 18K gold at ₹11,242 per gram. The MCX Gold September Futures witnessed a climb of ₹2,271 (1.54%) to reach ₹1,49,793 per 10 grams.