Gold Prices Surge in India Amid Safe-Haven Buying Ahead of US Inflation Data
Gold prices rose in India's domestic futures market on Tuesday, August 11, as investors increased safe-haven buying ahead of key US inflation data. On the Multi Commodity Exchange (MCX), gold futures for October delivery surged ₹1,501 (0.98%) to ₹1.54 lakh per 10 grams. The contract traded with a turnover of 1,332 lots.
Silver, however, moved lower on MCX. MCX silver futures for September delivery fell 0.16% to ₹2.36 lakh per kg.
Gold prices extended their gains for a third consecutive session and climbed to their highest level in more than two months globally. Investors have increased buying of the precious metal ahead of the US consumer price inflation data due on Wednesday. The Federal Reserve's interest-rate outlook is also being reassessed after weaker US jobs data for July.
China's central bank added around 20 tonnes of gold to its reserves in July, marking its largest monthly addition since October 2023. Continued central-bank purchases can provide underlying support to bullion prices by adding to investment demand.