Gold Prices Surge on Weak US Economic Data, Fed Rate Expectations

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

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

Gold prices climbed to their highest level in over two months before modest profit-taking later in the week, finally posting a monthly gain of more than 10%. The white metal advanced and moderately outperformed gold, narrowing the gold-silver ratio.