Gold Prices Surge as Fed Rate Hike Expectations Fade

Gold prices surged on a weekly basis due to weaker-than-expected US economic data, reinforcing expectations that the Federal Reserve will hold interest rates unchanged.

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

Market participants attributed the gains to crude oil staying volatile due to lingering Middle East tensions, lower Treasury yields, and a weaker US dollar.