Gold Prices Surge 0.86% Amid Weaker US Economic Data

Gold prices rose by 0.86% on a weekly basis due to weaker-than-expected US economic data, which reinforced expectations that the Federal Reserve will hold interest rates unchanged.

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

The price of 10 grams of 24-carat gold was at Rs 1,49,621 on Friday, up from Rs 1,42,863 seen on Monday at market opening, according to data published by the India Bullion and Jewellers Association (IBJA).

The yellow metal climbed to its highest level in over two months before modest profit-taking later in the week, posting a monthly gain of more than 10%.