Gold Prices Soar to Two-Month High on Weaker US Dollar
Gold prices surged to their highest level in over two months on August 11, buoyed by a weaker US dollar and expectations of softer US economic data allowing for easier monetary policy. Spot gold rose 0.5% or USD 22.60 to trade at USD 4,413.16 per ounce, its highest since June 5. Silver also gained 0.6%, or USD 0.40, to reach above USD 66 an ounce.
On the Multi Commodity Exchange (MCX), gold was trading 1.01% higher at Rs 1,54,641 per 10 grams, while silver rose 0.54% to Rs 2,38,141 per kg. City-wise prices in India showed Delhi's 24-karat gold priced at Rs 1,52,120 per 10 grams, and Mumbai's silver at Rs 2,45,000 per kilogram.
The price of 18-karat gold remained stable across major Indian cities, ranging from Rs 1,13,980 in Mumbai to Rs 1,17,650 in Chennai. Silver prices varied, with Hyderabad recording the highest rate at Rs 2,50,000 per kg, while Mumbai, Delhi, Bengaluru, Chennai, and Kolkata quoted the same price at Rs 2,60,900 per kg.