Gold Prices Surge Above $4,400 Amid Softer US Inflation
Gold prices have risen above $4,400 per ounce due to softer US inflation data. This has reduced expectations of further Federal Reserve tightening and strengthened hopes that the central bank may avoid a rate hike at its September FOMC meeting.
The spot gold price rose by 0.5% or $23 to $4,434.36 per ounce on Thursday. Spot silver gained over 1%, trading around $66.10 per ounce. On the Multi Commodity Exchange (MCX), gold was up 0.73% at Rs 1,52,924 per 10 grams, while silver rose by 1.39% to Rs 2,34,688 per kg.
The prices of 24-carat and 22-carat gold varied across major Indian cities. The highest price for 24-carat gold was recorded in Delhi at Rs 1,53,980 per 10 grams, while the lowest price was seen in Kolkata at Rs 1,53,830 per 10 grams.